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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 Access46bp Of '24 BoE Cuts Priced
SONIA futures benefit from Thursday’s late uptick in core global FI markets, leaving contracts 0.25-2.5 firmer through the blues.
- BoE-dated OIS shows ~46bp of cuts through year end, with the first 25bp move fully discounted come the end of the Sep MPC. A little over 85% odds of a 25bp cut are priced through the Aug meeting.
- Local headline flow has been dominated by political matters, with the ruling Conservative Party losing a seat in a by-election and struggling in local elections.
- A reminder that previous speculation had pointed to a potential leadership challenge for PM Sunak in the wake of poor results.
- Final services PMI data headlines a limited UK calendar.
- U.S. matters are likely to dominate, with the latest labour market report due at 13:30 London.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
May-24 | 5.200 | -0.0 |
Jun-24 | 5.108 | -9.2 |
Aug-24 | 4.986 | -21.4 |
Sep-24 | 4.914 | -28.6 |
Nov-24 | 4.814 | -38.6 |
Dec-24 | 4.740 | -46.0 |
To read the full story
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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.