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STIR: A Little Under 60bp Of BoE Cuts Priced Through '25

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

BoE-dated OIS shows 57bp of cuts through year-end vs. ~58bp late Friday.

  • SONIA futures are flat to -1.5.
  • Weakness in wider core global FI markets has had a hawkish impact on GBP STIRs during the early rounds of ’25 trade.
  • However, Bunds and Tsys have edged away from session lows, limiting any fresh hawkish moves this morning.
  • Although it won’t be a market mover it is worth noting that the BCC’s latest survey has pointed to the lowest level of business confidence in 2 years.
  • Final services PMI data is due this morning.
  • Further out, Thursday's BoE DMP survey presents the highlight of this week's UK release schedule.
  • Elsewhere, the latest S&P-KPMG-REC report on jobs (also due Thursday) will be eyed, with particular focus on hiring plans and the outlook for wages.
  • BoE MPC member Breeden is also due to speak on Thursday.

BoE Meeting

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BoE-dated OIS shows 57bp of cuts through year-end vs. ~58bp late Friday.

  • SONIA futures are flat to -1.5.
  • Weakness in wider core global FI markets has had a hawkish impact on GBP STIRs during the early rounds of ’25 trade.
  • However, Bunds and Tsys have edged away from session lows, limiting any fresh hawkish moves this morning.
  • Although it won’t be a market mover it is worth noting that the BCC’s latest survey has pointed to the lowest level of business confidence in 2 years.
  • Final services PMI data is due this morning.
  • Further out, Thursday's BoE DMP survey presents the highlight of this week's UK release schedule.
  • Elsewhere, the latest S&P-KPMG-REC report on jobs (also due Thursday) will be eyed, with particular focus on hiring plans and the outlook for wages.
  • BoE MPC member Breeden is also due to speak on Thursday.

BoE Meeting

Keep reading...Show less