Free Trial

Taking a breather after yesterday's selloff

  • It's been a relatively subdued European open for STIR futures markets - in stark contrast to the fast-paced markets we have seen recently.
  • Euribor futures are a little higher this morning, back to pre-Powell levels. Eurodollar futures are off their late US lows, back to levels seen yesterday around the European close while SONIA futures are little changed this morning.
  • As we noted earlier, Powell's comments yesterday were in line with the MNI sources piece from our Policy team which stated that a 25bp hike in the near-term was likely and 50bp hikes cannot be ruled out later in the year if inflationary pressures don't recede.
  • STIR futures remain at the mercy of wider risk sentiment with further comments from central bankers affecting the narrative more than macro data at present (although tomorrow's US employment report will still be closely watched).

To read the full story



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.