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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.
STIR
BoE-dated OIS is little changed to 3bp lower on the day, with just under 22bp of tightening showing for this week’s MPC, while terminal policy rate pricing indicates roughly 50/50 odds of the Bank deploying 2 further hikes in the current cycle (including any action later this week).
- Terminal policy rate pricing remains a little above last week’s dovish extremes.
- Local headline flow has been subdued, with participants awaiting Wednesday’s CPI release and the aforementioned MPC decision (1/56 surveyed by BBG look for no change in the policy rate, with the rest looking for a 25bp hike).
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Sep-23 | 5.403 | +21.8 |
| Nov-23 | 5.500 | +31.5 |
| Dec-23 | 5.550 | +36.5 |
| Feb-24 | 5.564 | +37.9 |
| Mar-24 | 5.547 | +36.2 |
| May-24 | 5.507 | +32.2 |
| Jun-24 | 5.452 | +26.7 |
| Aug-24 | 5.357 | +17.2 |
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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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