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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 continues the post-CPI re-shuffle higher and steeper, with sell-side BoE calls still being adjusted this morning.
- Terminal rate pricing has topped out around the 5.55% mark, for now at least.
- Although the move has been swift and sharp (terminal rate pricing hovered around 4.90% at the start of last week), terminal rate pricing remains shy of the levels witnessed in the time of former PM Truss (when such pricing topped 6.00%).
- The highest terminal rate call that we have seen from the sell-side is 5.25%.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Jun-23 | 4.747 | +32.0 |
| Aug-23 | 5.062 | +63.4 |
| Sep-23 | 5.288 | +86.1 |
| Nov-23 | 5.425 | +99.7 |
| Dec-23 | 5.442 | +101.5 |
| Feb-24 | 5.412 | +98.4 |
| Mar-24 | 5.355 | +92.7 |
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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