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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.
STIR
ECB terminal hike pricing is up 4bp on the day, enough to push the terminal rate to a new cycle high, somewhat lagging but mirroring a rise in US (+7bp) and UK (+10bp) peak rate expectations today.
- 117bp in further ECB hikes are now implied from here to September, with a depo rate of 3.67%. A 50bp hike in March is 96% priced, with 100bp total hikes priced by June (weighted heavily toward a May 50bp, with a potential for two 25bp hikes).
- As terminal pricing has moved further out, 2023 ECB cuts have been nearly priced out, with just 3bp in reductions seen from the peak to the Dec meeting (vs 8bp yesterday).
Implied Depo Rate %Source: BBG, MNI
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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