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STIR: A Little Over 60bp Of BoE Cuts Priced For '25, Tariff Headlines Dominate

STIR
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GBP STIRs away from hawkish session extremes on the headlines playing down the likelihood of imminent tariffs from the Trump administration.

  • That leaves 61.5bp of BoE cuts priced through year-end vs. ~64bp early today and ~59bp at one stage this afternoon.
  • A reminder that ~36bp of cuts were briefly priced through year-end late last Tuesday.
  • The next 25bp cut is still fully discounted through the end of the March MPC meeting, with ~21.5bp priced for next month.
  • SONIA futures last flat to -3.0.
  • UK labour market data is due first thing tomorrow (07:00 London), expect our full preview of that release shortly.

BoE Meeting

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GBP STIRs away from hawkish session extremes on the headlines playing down the likelihood of imminent tariffs from the Trump administration.

  • That leaves 61.5bp of BoE cuts priced through year-end vs. ~64bp early today and ~59bp at one stage this afternoon.
  • A reminder that ~36bp of cuts were briefly priced through year-end late last Tuesday.
  • The next 25bp cut is still fully discounted through the end of the March MPC meeting, with ~21.5bp priced for next month.
  • SONIA futures last flat to -3.0.
  • UK labour market data is due first thing tomorrow (07:00 London), expect our full preview of that release shortly.

BoE Meeting

Keep reading...Show less