BoE Pricing Little Changed On The Day, Remains Contained Despite Long End Swings

BoE pricing remains contained, with perceptions re: the late stage/completion of the tightening cycle and move away from session highs in core global FI yields limiting the early steepening move that came alongside a wider sell off in core global FI markets.

• That leaves the major contracts little changed on the day, with ~4.5bp of tightening showing for the November MPC, while terminal policy rate pricing is ~13.5bp above prevailing levels.
• The remainder of the postponed UK labour market data will be released tomorrow (see our earlier bullets for more details on the layout of the release), as will flash PMI readings. They provide the key domestic data inputs this week.