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BoE Hike Pricing Resolving Higher As Jobs Data Digested

STIR
As the implications of this morning's labour market data continues to be digested, BoE terminal hike pricing is hitting session highs, with Mar 2024-MPC dated OIS showing 147bp of hikes from current levels. That's up over 14bp from session lows and around 2bp higher on the day.
  • Aug MPC pricing has actually pulled back 1bp from session highs, though, flat on the day at 45bp.
  • Indeed, with a 50bp Aug hike looking like the markets' base case, focus appears to be increasing on meetings beyond: cumulative hikes to Sep MPC are seen at 86bp (up 7bp from session lows), with 115bp seen through Nov (up 4bp today and 10+ from session lows).
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