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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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Free AccessVIEW: RBC "put a low but not insignificant......>
RBA: VIEW: RBC "put a low but not insignificant probability of -ve interest
rates at 10-20% over the next 12 months & make the following observations:
- 1) Early stages of unconventional policy. Should activity disappoint, the RBA
would step up bond buying in both frequency & quantum in the 1st instance, as
well as liquidity measures. It could also expand the range of assets purchased,
extend the yield target to a longer duration & strengthen fwd guidance. Under
such circumstances, its language on -ve rates may soften.
2) Reluctance to move the cash rate -ve likely reflects its general discomfort
in already having been forced into unconventional policy territory.
3) Circumstances can change. The Governor suggested barely six months ago that
"QE is not on our agenda at this point in time." In the event of another shock
(including a sig. second wave of COVID-19 domestically or globally) and/or
central banks that increasingly adopt a -ve cash rate stance, pressure will
mount on the RBA to bring -ve rates onto its agenda.
- Speculation over -ve rates will likely linger until the health crisis is over
& we gain a better sense of the recovery."
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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.