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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.
STIR
Global market impulses bias MPC-dated OIS pricing a touch softer today after the domestic labour market data-inspired downtick on Tuesday (although yesterday saw some counter from spill over from Fed pricing, leaving the space of dovish extremes). ~40bp of tightening is priced in before the terminal rate of the current cycle is attained, meaning terminal BoE policy pricing is in the familiar ~4.90% zone. A 25bp cut is then slightly more than fully priced come the end of the Bank’s Mar ’24 meeting.
- BoE Governor Bailey will be speaking at the British Chambers of Commerce today, with text released at 1050BST. No specific subject line for his speech just yet, but it will be the keynote address of the event.
| BoE Meeting | SONIA BoE-Dated OIS (%) | SONIA BoE-Dated OIS At Close On 15 May '23 (%) |
| Jun-23 | 4.611 | 4.633 |
| Aug-23 | 4.753 | 4.784 |
| Sep-23 | 4.825 | 4.865 |
| Nov-23 | 4.819 | 4.862 |
| Dec-23 | 4.766 | 4.818 |
| Feb-24 | 4.678 | 4.739 |
| Mar-24 | 4.559 | 4.610 |
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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