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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.
GILTS
- Gilts are the underperformers today, with the curve bear flattening, although we have moved away from the lows seen around the open. This follows Governor Bailey's speech yesterday evening when he did not rule out policy moves that were not in 25bp increments. He did not drop any hints towards his expectations for August, either, but markets this morning has increased the probability of a 50bp August hike from around 75% to around 85% at the time of writing. The MNI Markets team continues to see around a 60% probability of a 50bp August hike.
- Also helping has been the release of stronger-than-expected May activity data. The details of this morning's monthly GDP report were not great, but nevertheless saw a monthly growth rate of 0.5%, against consensus expectations of 0.1%.
- As we noted in the what to watch bullet earlier, there will also be focus on the first round of voting Conservative leadership contest. We should receive the results around 17:00BST, which will give a better update on who the likely front runners are. We will also hear briefly from each of the candidates.
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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