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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 pricing moderates from hawkish session extremes as global core FI markets firm from session lows, leaving terminal policy rate pricing below 6.20% after a show above 6.25% earlier today. The earlier steepening of the strip, driven by pay-side flows, has given way to twist flattening.
- Pricing for the August MPC decision continues to oscillate around the 45bp mark, with further out meetings experiencing continued volatility after the pull back from last week’s hawkish extremes.
- Local headline flow remains light, outside of some OBR warning shots on inflation and comments re: the tabled public sector pay rise, leaving cross-market moves and continued position adjustment within the space at the fore..
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Aug-23 | 5.384 | +45.4 |
| Sep-23 | 5.727 | +79.7 |
| Nov-23 | 5.957 | +102.7 |
| Dec-23 | 6.054 | +112.4 |
| Feb-24 | 6.090 | +116.0 |
| Mar-24 | 6.101 | +117.1 |
| May-24 | 6.067 | +113.7 |
| Jun-24 | 6.001 | +107.1 |
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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