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Free AccessYear-End Pricing Softens 30bps In Canada & NZ Over The Past Few Weeks
STIR markets within the $-bloc persist in foreseeing a notable easing cycle in 2024. In fact, over the last three weeks, the pricing for the year-end official rate in Canada and NZ has eased by approximately 30-35bps. Conversely, year-end OIS pricing in Australia has softened by around 10bps, while remaining unchanged in the US. As for overnight developments:
- There were few hawkish surprises from Fed Chair Powell’s testimony to Congress, where he reiterated the Fed’s view of cutting interest rates "at some point this year" but not until it becomes more confident that inflation will keep falling.
- The Bank of Canada kept its policy rate on hold at 5.0% for a fifth consecutive meeting. BoC Governor Macklem said, “It’s still too early to consider lowering the policy interest rate”. In the statement, the line “the council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation” was kept.
Figure 1: $-Bloc STIR
Source: MNI – Market News / Bloomberg
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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.