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75bp Of '24 Cuts Showing Ahead Of Today's BoE Decision

STIR

Dovish inputs from the Fed, SNB and Eurozone manufacturing PMI data have dominated so far, leaving ~75bp of ’24 rate cuts priced in BoE-dated OIS ahead of today’s monetary policy decision.

  • The first 25bp cut remains fully discounted come the end of the August MPC, with slightly over 60% chances of a June cut now priced.
  • SONIA futures are 0.5-8.0bp higher, with the back of the reds leading.
  • Click for our full BoE preview.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.203+1.4
May-245.154-3.6
Jun-245.032-15.7
Aug-244.867-32.2
Sep-244.734-45.5
Nov-244.570-61.9
Dec-244.441-74.8
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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