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STIR: 60bp Of BoE Cuts Still Priced Through '25

STIR
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Little movement in GBP STIRs early today.

  • 60bp of BoE cuts priced through year-end, with the next 25bp move ~80% discounted through March and more than fully discounted through May.
  • That profile continues to look a little flat to us, we look for cuts in both February and May.
  • SONIA futures -0.5 to +1.5.
  • Little of note on the domestic calendar today, with lending and money supply data not usually a market mover.
  • Greater focus will fall on the U.S. ISM m’fing survey.

BoE Meeting

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Little movement in GBP STIRs early today.

  • 60bp of BoE cuts priced through year-end, with the next 25bp move ~80% discounted through March and more than fully discounted through May.
  • That profile continues to look a little flat to us, we look for cuts in both February and May.
  • SONIA futures -0.5 to +1.5.
  • Little of note on the domestic calendar today, with lending and money supply data not usually a market mover.
  • Greater focus will fall on the U.S. ISM m’fing survey.

BoE Meeting

Keep reading...Show less