Free Trial

50bp Of ’24 BoE Cuts Priced Into SONIA, U.S. Inflation Data Eyed

STIR

SONIA futures are flat to -2.0, with Bunds back from highs.

  • BoE-dated OIS is unchanged, showing ~13bp of cuts through August and ~50bp of easing through year end.
  • U.S. inflation data will likely dominate into the weekend, with PPI and UoM readings due. The former will allow analysts to fine tune their PCE projections following yesterday’s soft CPI release.
  • Further out, Wednesday’s UK CPI release provides the next point of note on the domestic data calendar.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Aug-245.070-13.0
Sep-244.981-21.9
Nov-244.810-39.0
Dec-244.704-49.6
Feb-254.551-64.9
Mar-254.448-75.2
May-254.311-88.9
Jun-254.217-98.3
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.