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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
STIR
U.S. STIR firmed overnight as banking crisis concerns receded on news that U.S. authorities were expanding emergency lending to banks. Also helping shore up confidence in the U.S. banking system was news that First Citizens would buy Silicon Valley Bank with support from the FDIC.
- By the close, U.S. STIR had firmed with a 50/50 chance of a 25bp hike in May priced and expected year-end easing reduced to 74bp from 95bp at Friday’s close.
- At one stage on Friday, a full 25bp cut had been priced for the June meeting in the wake of European bank weakness.
- In line with U.S. developments, year-end easing expectations have been scaled back across the $-Bloc with pricing 10bp, 8bp and 6bp firmer for respectively AU, CA and NZ.
Figure 1: $-Bloc STIR: Terminal Rate Expectations & Year-End Pricing
Source: MNI – Market News / Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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