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Global Macro
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Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
STIR: Euribor Futures Off Highs As Post-U.S. PPI Reaction Fades A Little
Euribor futures are off highs as the dovish reaction to the lower-than-expected US PPI data fades a little, with futures sitting just below yesterday’s settlement levels.
- ECB-dated OIS contracts price 36bps of cuts through the remainder of 2024, after reaching a post-data extreme of 39bps.
- The implied probability of a 25bps cut at the September meeting is ~60%, in line with this morning’s levels.
- Tomorrow’s regional data docket does not feature traditionally market moving releases, but scheduled appearances from ECB Executive Board members Lane (1000BST), Schnabel (1430BST) and Lagarde (1830BST) will attract interest, as usual.
Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
Jul-24 | 3.646 | -1.6 |
Sep-24 | 3.509 | -15.3 |
Oct-24 | 3.456 | -20.6 |
Dec-24 | 3.298 | -36.4 |
Jan-25 | 3.226 | -43.6 |
Mar-25 | 3.108 | -55.4 |
Apr-25 | 3.034 | -62.8 |
Jun-25 | 2.920 | -74.2 |
Source: MNI/Bloomberg. 2025 dates are estimated. |
To read the full story
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Please enter your details below.
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.