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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
The BoE-dated OIS strip shunts higher and flattens after the 50bp hike from the BoE, with the lack of meaningful guidance and worry re: stagflation/recession limiting the hawkish read through beyond largely adjusting for today’s hike. Pricing through the November MPC meeting is 18-19bp firmer. The strip is then flatter beyond there vs. pre meeting levels, even with terminal pricing now just below 6.15%, which is seen still seen come the end of the Feb ’24 meeting. Focus now moves to a pooled press interview with Governor Bailey, which will cross this afternoon.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Jun-23 | 4.941 | +51.2 |
| Aug-23 | 5.366 | +93.7 |
| Sep-23 | 5.712 | +128.3 |
| Nov-23 | 5.949 | +152.0 |
| Dec-23 | 6.049 | +162.0 |
| Feb-24 | 6.062 | +163.3 |
| Mar-24 | 6.017 | +158.8 |
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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