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BoE Pricing Steady, 70bp Of Cuts Showing Through '24

STIR

SONIA futures are little changed through the blues, with core global bond futures in line/slightly firmer than levels seen at yesterday’s settlement window.

  • BoE-dated OIS is also little changed, showing ~16bp of cuts through June & ~70bp of cumulative ’24 cuts.
  • Today’s local calendar is virtually empty, which will leave focus on wider macro events (EUR CPI & U.S. ISM services survey/ADP employment).
  • The BoE’s DMP survey provides the next meaningful domestic risk event (09:30 Thursday 4 April), with the wage and inflation components set to come under the most scrutiny.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
May-245.155-3.6
Jun-245.031-16.0
Aug-244.884-30.7
Sep-244.766-42.5
Nov-244.616-57.5
Dec-244.492-69.9
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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