Free Trial

BoE Pricing Stabilises Around ~45bp Of '24 Cuts

STIR

SONIA futures are little changed, -1.0 to +1.5, after the broader recovery in risk assets weighed on Tuesday.

  • SIFZ4 and Z5 are more than 25bp off their respective Monday highs.
  • BoE-dated OIS shows ~10bp of cuts for next month’s meeting and ~45bp of cuts through the Dec MPC. The latter priced over 65bp of cuts at one stage on Monday.
  • The local calendar is limited until next week’s labour market and inflation data, leaving wider market sentiment at the fore.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.845-10.5
Nov-244.636-31.4
Dec-244.498-45.2
Feb-254.301-64.9
Mar-254.159-79.2
May-253.990-96.0
Jun-253.897-105.3
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.