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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessA Little Under 50bp Of '24 BoE Cuts Priced, Powell Eyed
SONIA futures are essentially unchanged, with Bunds off yesterday’s high and a little below levels seen at the time of the SONIA settlement window.
- BoE-dated OIS shows ~15bp of cuts for Aug and ~47.5bp of easing through year end, little changed vs. levels seen at this time yesterday.
- Little in the way of meaningful UK event risk scheduled for today, which will leave focus on wider macro matters, headlined by comments from Fed Chair Powell.
- Further ahead, the hawkish wing of the BoE will appear again tomorrow, with Pill and Mann scheduled to speak. Chief economist Pill’s comments could be particularly important for markets given his position as one of, if not the, most hawkish internal MPC member.
- A reminder that Pill has not spoken publicly since before the pre-election blackout, with markets moving in a dovish direction in the interim.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Aug-24 | 5.054 | -14.7 |
Sep-24 | 4.977 | -22.3 |
Nov-24 | 4.826 | -37.4 |
Dec-24 | 4.724 | -47.6 |
Feb-25 | 4.585 | -61.5 |
Mar-25 | 4.491 | -70.9 |
May-25 | 4.367 | -83.3 |
Jun-25 | 4.280 | -92.0 |
Source: MNI - Market News/Bloomberg. 2025 meeting dates are estimated.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.