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STIR
Expectations for BoE cuts rose further Thursday, with implied reductions in the year following the Feb/Mar 2024 peak up to 84bp, vs 76bp Wednesday.
- That repricing comes despite what was seen as a largely in-line BoE decision, including a rate hold on a 6-3 vote, and alongside little change in terminal Bank rate expectations (+7bp to Feb 2024).
- Indeed there had been as many as 88-89bp in cuts priced at the session low in the afternoon, but recovered to pre-BoE decision levels thereafter.
ECB cut pricing in the 1 year from peak remained relatively stable at 89bp (over the course of 2024).
- Once again, there are no further hikes seen in this cycle, with the first cut set to be implemented by mid-2024.
Source: BBG, MNI
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.
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