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BoE Terminal Pricing Edges Higher

STIR

ECB and BoE hike pricing was steady/higher Thursday, with central bank communications in focus.

  • Dec ECB hike pricing was steady at 59bp; while terminal pricing finished about 3.5bp lower at 2.88% (mid-23), it came off lows around 2.84% after ECB's Schnabel downplayed potential for a major downshift in the hike pace. The accounts of the Oct meeting had little impact.
  • In contrast, BoE Dec hike pricing hit a fresh post-Nov meeting low at 54bp on dovish-leaning comments by Saunders, but recovered to 57bp, steady on the day.
  • Terminal BoE pricing finished about 5bp higher at 4.64% (Sep '23), which would be the highest close since Nov 9 if it holds.
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