All signal, no noise

All signal, no noise

All signal, no noise

Latest insights

Headline HICP inflation is expected to firm but core is seen roughly unchanged on aggregate in initial October readings

Oct-28 16:52

The Board of the Central Bank of Chile left the monetary policy interest rate unchanged at 4.50%, as expected.

Oct-28 11:27

The RBNZ has delivered its latest OCR decision.

Oct-28 06:26

The BOJ Board will deliver its latest policy rate decision on Friday.

Oct-28 03:51

A leading German industry leader in China provides insight into recent EU-China trade developments.

Oct-28 02:46

Former St. Louis Fed President James Bullard discusses the economic outlook.

Oct-27 16:58

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FI Market Analysis

Germany will return to the market today with a 10-year Bund auction while Italy will hold a non-competitive round.

October 28, 2026 06:40

BOJ is widely expected to leave its policy rate unchanged at 1.25% at its 29–30 October meeting

October 28, 2026 05:22

The ECB is expected to hold this week but language on a trade-off between higher energy prices and yields will be key

October 27, 2026 06:04

Download Full Report Here: https://media.marketnews.com/BOC_Preview_Oct2026_b92f886087.pdf EXECUTIVE SUMMARY * The Bank of Canada is widely though not unanimously (80% OIS-implied) anticipated to hike the overnight rate by 25bp to 2.50% at its October meeting. * As of mid-October, a hike looked a slightly more distant prospect, with core inflation remaining tame and the US-Canada trade dispute having flared up again. But implied near-term rate hike probabilities have increased as policymakers have suggested rising discomfort with waiting to see whether higher energy prices bleed into broader inflationary pressures. * Most notably, Gov Macklem said in mid-October that high energy prices are boosting inflation risks, leaving the bank prepared to raise rates at its upcoming meeting. * The new set of Monetary Policy Report projections will show higher inflation and growth ahead, helping justify the decision to move rates away from the low end of the Bank's neutral range (2.25-3.25%). * Should the BOC hike, attention will be on any guidance on future increases. It would be a surprise if they didn't keep the door wide open to a follow-up hike in December or January.

October 27, 2026 02:49

FX Market Analysis

The ECB is expected to hold this week but language on a trade-off between higher energy prices and yields will be key

October 27, 2026 06:04

Download Full Report Here: https://media.marketnews.com/BOC_Preview_Oct2026_b92f886087.pdf EXECUTIVE SUMMARY * The Bank of Canada is widely though not unanimously (80% OIS-implied) anticipated to hike the overnight rate by 25bp to 2.50% at its October meeting. * As of mid-October, a hike looked a slightly more distant prospect, with core inflation remaining tame and the US-Canada trade dispute having flared up again. But implied near-term rate hike probabilities have increased as policymakers have suggested rising discomfort with waiting to see whether higher energy prices bleed into broader inflationary pressures. * Most notably, Gov Macklem said in mid-October that high energy prices are boosting inflation risks, leaving the bank prepared to raise rates at its upcoming meeting. * The new set of Monetary Policy Report projections will show higher inflation and growth ahead, helping justify the decision to move rates away from the low end of the Bank's neutral range (2.25-3.25%). * Should the BOC hike, attention will be on any guidance on future increases. It would be a surprise if they didn't keep the door wide open to a follow-up hike in December or January.

October 27, 2026 02:49

We see a 40% probability of a 2027 UK election and expect a larger reduction in long-dated gilt issuance than consensus

October 27, 2026 11:42

Download Full RBNZ Preview Here: https://media.marketnews.com/MNI_RBNZ_Preview_October_2026_93b60a257e.pdf EXECUTIVE SUMMARY: * The RBNZ is widely expected to hike rates 25bp to 3.0% when it announces its decision on 28 October while maintaining its tightening bias. * The inflation outlook has deteriorated with upside risks from fuel and higher imported price pressures likely to be felt well into 2027. Inflation persistence and the risk to expectations will remain a major concern. * Given updated staff forecasts won't be published until the 9 December decision, the RBNZ is likely to keep its options open for upcoming meetings. * RBNZ-dated OIS pricing shows 23bps of tightening priced for tomorrow, while February 2027 and August 2027 assign 59bps and 107bps, respectively.

October 27, 2026 12:26