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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
BoE-dated OIS is little changed to a couple of bp firmer further out the liquid part of the strip, although that is more attributable to moves in the U.S. fixed income space late on Wednesday than anything in the way of overt domestic drivers. Terminal BoE policy rate pricing resides in the familiar 4.90-5.00% landing strip, with just under 45bp of tightening from prevailing SONIA levels currently priced, while ~22bp of cuts is priced in between that terminal rate level (seen in September) and the end of the Bank’s Mar ’24 meeting. The previously alluded to raft of BoE rhetoric provides the focus for participants today.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Jun-23 | 4.624 | +19.6 |
| Aug-23 | 4.779 | +35.2 |
| Sep-23 | 4.867 | +43.9 |
| Nov-23 | 4.864 | +43.7 |
| Dec-23 | 4.828 | +40.1 |
| Feb-24 | 4.753 | +32.6 |
| Mar-24 | 4.648 | +22.0 |
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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