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BoE Cut Pricing Moderates Alongside Peers

STIR

The U.S. data-BoJ speculation combination also feeds into BoE pricing, although recent ranges remain intact.

  • The first 25bp cut is still fully priced through the end of August, while ~63bp of cuts are priced through year end vs. ~67bp late yesterday.
  • SONIA futures +0.25 to -8.5 through the blues, a little above session lows.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.202+1.3
May-245.173-1.6
Jun-245.076-11.3
Aug-244.935-25.4
Sep-244.828-36.1
Nov-244.674-51.5
Dec-244.558-63.1
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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