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STIR: A Little Over 55bp OF BoE Cuts Priced Through '25

STIR
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GBP STIRs consolidate/marginally extend on yesterday’s hawkish move.

  • BoE-dated OIS & SONIA futures little changed to a touch more hawkish vs. settlement, with 17bp of cuts priced for February, 20.5bp of cuts priced through March and 56bp showing through year-end.
  • We still look for cuts in February and May, which leaves the market-implied cutting cycle looking a little flat in our view.
  • Spill over from European inflation data eyed this morning.
  • Further out, Thursday’s schedule will receive much of this week’s domestic focus, with the BoE DMP survey, S&P-KPMG-REC report on jobs and comments from BoE MPC member Breeden due that day.

BoE Meeting

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GBP STIRs consolidate/marginally extend on yesterday’s hawkish move.

  • BoE-dated OIS & SONIA futures little changed to a touch more hawkish vs. settlement, with 17bp of cuts priced for February, 20.5bp of cuts priced through March and 56bp showing through year-end.
  • We still look for cuts in February and May, which leaves the market-implied cutting cycle looking a little flat in our view.
  • Spill over from European inflation data eyed this morning.
  • Further out, Thursday’s schedule will receive much of this week’s domestic focus, with the BoE DMP survey, S&P-KPMG-REC report on jobs and comments from BoE MPC member Breeden due that day.

BoE Meeting

Keep reading...Show less