MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY JAN INDEX 73.2

MNI: CANADIAN NOV BUILDING PERMITS -5.9% MOM

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

STIR: Around 45bp Of BoE Cuts Priced Through '25

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

GBP STIR markets hold the bulk of this week’s hawkish repricing, leaving 46bp of cuts priced through year-end vs. ~57bp seen late last week. The Dec ’25 MPC contract printed as low as ~39bp yesterday.

  • The market-implied BoE cutting cycle continues to look flat.
  • We still expect cuts in February and May at this stage, with more data and greater fiscal clarity required to provide a meaningful view beyond that point.
  • CPI data headlines next week’s UK calendar, with retail sales and GDP data set to be less consequential for BoE policy settings.
  • Expect the usual detailed preview ahead of the CPI data.
  • Next week will see BoE Deputy Governor Breeden speak again. Her Thursday address stuck to the central MPC view, while the Q&A offered some dovish snippets.
  • We will also hear from dovish dissenter Taylor. 

BoE Meeting

Keep reading...Show less
142 words

To read the full story

Close

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.

GBP STIR markets hold the bulk of this week’s hawkish repricing, leaving 46bp of cuts priced through year-end vs. ~57bp seen late last week. The Dec ’25 MPC contract printed as low as ~39bp yesterday.

  • The market-implied BoE cutting cycle continues to look flat.
  • We still expect cuts in February and May at this stage, with more data and greater fiscal clarity required to provide a meaningful view beyond that point.
  • CPI data headlines next week’s UK calendar, with retail sales and GDP data set to be less consequential for BoE policy settings.
  • Expect the usual detailed preview ahead of the CPI data.
  • Next week will see BoE Deputy Governor Breeden speak again. Her Thursday address stuck to the central MPC view, while the Q&A offered some dovish snippets.
  • We will also hear from dovish dissenter Taylor. 

BoE Meeting

Keep reading...Show less