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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
The Euribor strip bear steepens this morning following events in the US post-close, but contracts are off lows as Bunds and Tsys drifted a touch higher overnight.
- Catalysts in the US were the weak 30Y auction and hawkishly perceived remarks from Fed Chair Powell (though, as MNI noted at the time, Powell's remarks were broadly in line with the latest FOMC presser).
- The strip sits flat to -4.0 ticks lower through the Whites/Blues at typing.
- ECB-dated OIS cut pricing for 2024 has been pared back slightly overnight, with the implied cuts by the December 2024 meeting now a touch below 90bps, down from almost 100bp seen at the end of last week. The first full cut continues to be more than priced by the end of the June 2024 meeting, with 31bps of cuts priced at typing.
- ECB-speak once again highlights the agenda today, with Lagarde speaking at 1230 GMT and Nagel at 1520GMT.
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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