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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
Market expectations for the terminal interest rates within the $-bloc have firmed slightly over the past week outside the US. The peripheral markets have at least one additional 25bp hike priced, compared to the less than 50% probability assigned in the US. Moreover, the US is the only market with expectations of an easing by June 2024. Terminal rate expectations and the cumulative tightening currently stand at:
- 5.43%, +10bps (FOMC);
- 5.28%, +26bps (BoC);
- 4.35%, +28bps (RBA); and
- 5.75%, +25bps (RBNZ).
Figure 1: $-Bloc STIR: Terminal Rate Expectations & June’24 Pricing
Source: MNI – Market News / Bloomberg
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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