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BoE Pricing Shows Close To 5 x 25bps Cuts For '24

STIR

BoE-dated OIS moves in a dovish direction alongside the rally in gilts/broader core global FI, leaving ~122.5bp of cuts showing for ’24 on the whole (nearly fully discounting 5x 25bp rate cuts). Further forward the strip shows ~19.5bp of cuts come the end of the May ’24 MPC.

BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Feb-245.214+2.7
Mar-245.148-3.9
May-244.992-19.5
Jun-244.816-37.1
Aug-244.587-59.9
Sep-244.374-81.3
Nov-244.142-104.5
Dec-243.963-122.4
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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