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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
Market-implied BoE rate hike pricing soared Wednesday following a surprise rise in core CPI to a 31-year high.
- BoE terminal Bank Rate pricing +33.9bp to 5.44% (95bp of further hikes left in the cycle to Dec 2023). Having hit an implied 5.50% peak early in the session, pricing pulled back slightly by the close, but it left the terminal rate at the highest since October 2022. A June 25bp hike is now seen as a lock (and several sell-side analysts who weren't previously expecting such an outcome changed their minds today post-CPI), with odds of a 50bp hike now at 20%.
- ECB terminal depo Rate pricing +1.8bp to 3.81% (56bp of further hikes left in the cycle to Oct 2023). ECB depo rate pricing was pulled higher by the UK events, but retraced about 5bp from the session highs and ended only marginally higher. A 25bp June ECB hike remains odds-on (95%), but had been 99% priced at one point this morning.
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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