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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessThere will be a lot of focus today on the.......>
BOE: There will be a lot of focus today on the testimony by MPC members in front
of the Treasury Select Committee which is due to begin at 14:30BST.
- Governor Bailey will be joined by Deputy Governors Broadbent and Cunliffe,
external MPC member Haskel and Elisabeth Stheeman of the FPC.
- There has been much focus on whether the Bank will take rates into negative
territory. As far as we are aware no sell side banks have this as their base
case but Bank of America and Morgan Stanley both see 10bp cuts to zero.
- Rather than cutting rates explicitly, consensus at the moment is shifting to
lowering the rate on the Term Funding Scheme (TFS). This currently allows banks
to borrow at Bank Rate, but there are growing expectations that just like the
ECB's TLTRO programme can see bank's borrowing at rates below the deposit rate,
the BoE could allow borrowing via the TFS at a spread below Bank Rate - likely
negative. A combination of easier TFS conditions with more QE are expected.
- It doesn't make sense for the BOE to rule out negative rates here, they will
want to keep all options open and a dovish rhetoric, but to us negative rates
still look unlikely in the short-term.
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.