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BoE Pricing Incrementally Softer On The Day

STIR

BoE-dated OIS is now a little softer on the day, with lower oil prices, the impact from Wednesday’s late FOMC “skip” musings and some of the softer inflation elements of the BoE’s latest DMP survey (even as the inflation expectations metrics ticked higher) all noted.

  • BoE-dated OIS run 1-3bp lower across the liquid months, leaving just over 90bp of tightening priced for the current cycle, with terminal rate pricing sitting just above 5.40%. A 25bp hike is still more than fully priced for the June gathering, while a cumulative 75bp of tightening is showing across the 3 nearest meetings.
  • A quick reminder that yesterday’s comments from BoE’s Mann, the most hawkish voice on the MPC, weren’t particularly forceful.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Jun-234.712+28.4
Aug-234.990+56.2
Sep-235.184+75.7
Nov-235.317+88.9
Dec-235.332+90.5
Feb-245.300+87.3
Mar-245.233+80.5
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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