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STIR: 55bp Of BoE Cuts Priced For '25

STIR
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GBP STIR pricing little changed, although a weaker open for gilts (following some light selling pressure in core global FI markets) could provide some modest hawkish flow.

  • BoE-dated OIS shows 15.5bp of cuts for February, 18bp of easing through March and 55bp of easing through ’25 on the whole.
  • The market-implied BoE cutting path continues to look a little flat, particularly during H225, with our macro team looking for cuts in both February and May at this stage. Data between now and then will provide greater clarity on policy settings beyond that point.
  • SONIA futures essentially flat.

BoE Meeting

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GBP STIR pricing little changed, although a weaker open for gilts (following some light selling pressure in core global FI markets) could provide some modest hawkish flow.

  • BoE-dated OIS shows 15.5bp of cuts for February, 18bp of easing through March and 55bp of easing through ’25 on the whole.
  • The market-implied BoE cutting path continues to look a little flat, particularly during H225, with our macro team looking for cuts in both February and May at this stage. Data between now and then will provide greater clarity on policy settings beyond that point.
  • SONIA futures essentially flat.

BoE Meeting

Keep reading...Show less