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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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Free AccessSuper Thursday: BOE / ECB both due to announce policy
It's a huge day for markets with both the BOE and ECB meetings due this afternoon as well as the three Fed nominees testifying before Congress.
- So far this morning we have seen mixed moves in core fixed income. STIR futures are down around 1-1.5 ticks through Whites and Reds for Eurodollar, Euribor and SONIA futures.
- Bunds and Treasuries are moving in sync with some bull steepening, with 2-year yields down 1.8bp and 1.7bp respectively. Gilts have bear steepened.
- The focus of the BOE meeting will be whether there is a hike, the vote breakdown and the inflation forecasts (particularly the 3-year forecast at market rates). If that forecast is below 2% it would be an implicit signal from the BOE that market pricing is too high.
- Elsewhere for the UK, Northern Irelend issues are coming back into focus, the Ofgem price cap will be announced at 11:00GMT (important for inflation) and Chancellor Sunak will address the House at 11:30GMT.
- For the ECB, today's meeting will present a communication challenge for the ECB as it attempts to affirm the baseline scenario (subsiding inflation this year, no near-term rate hikes) at a time when the Fed and BoE have become more hawkish and inflation fears have been rising globally.
- Fed Governor nominees Raskin, Cook and Jefferson are due to testify before the House. The pre-released initial comments from the three didn't reveal any major talking points but their appearances will be closely analysed none-the-less.
- TY1 futures are unch today at 128-04 with 10y UST yields down -0.6bp at 1.771% and 2y yields down -1.6bp at 1.139%.
- Bund futures are up 0.06 today at 168.72 with 10y Bund yields down -0.2bp at 0.036% and Schatz yields down -1.6bp at -0.483%.
- Gilt futures are down -0.14 today at 122.28 with 10y yields up 1.7bp at 1.272% and 2y yields up 0.6bp at 1.030%.
To read the full story
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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.