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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
Fairly contained net moves in BoE-dated OIS beyond the adjustment to fully price today’s now delivered rate cut, as the Bank delivers a “hawkish cut.”
- 38bp of further cuts are now priced through year end, with remaining ’24 meetings seeing ~5bp of dovish adjustments in pricing vs. pre-decision levels.
- Caution on the speed/size of any future cuts and the lack of firm commitment to further easing limit the dovish market reaction.
| BoE Meeting | SONIA BoE-Dated OIS (%) | SONIA BoE-Dated OIS Pre-BoE Decision (%) |
| Aug-24 | 4.967 | 5.057 |
| Sep-24 | 4.899 | 4.955 |
| Nov-24 | 4.720 | 4.778 |
| Dec-24 | 4.584 | 4.636 |
| Feb-25 | 4.402 | 4.460 |
| Mar-25 | 4.271 | 4.324 |
| May-25 | 4.002 | 4.053 |
Source: MNI - Market News/Bloomberg. 2025 meeting dates are estimated.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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