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Continuing to move higher

STIR FUTURES
  • STIR futures continue to drift higher as oil prices remain under pressure and discussing global recessionary fears also seem to be a topic of conversation at present.
  • SONIA futures remain the outperformers, with market participants disappointed that inflation didn't come in higher than the economist consensus. Reds have seen the biggest moves, up 19-20 ticks on the day with the Dec-22 contract up 14.5 ticks. For the BOE, markets now pricing about 53bp for August (from 56bp yesterday and high of 61bp post-MPC meeting), 98bp (cumulatively) by September, 146bp by November and 174bp by year-end (down 12bp from yesterday's close).
  • Euribor futures are up to 11 ticks higher through most of the strip with some flattening in Whites. For the ECB, markets price 31bp for July, 87bp by September and 174bp by year-end.
  • The Eurodollar strip is up to 15 ticks higher with the biggest move in the Sep-23 contract. For the Fed, around 69bp is priced for July (down 3bp from yesterday's low), 128bp (cumulatively) by September and 191by by year-end (down around 11bp from yesterday's close).

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  • STIR futures continue to drift higher as oil prices remain under pressure and discussing global recessionary fears also seem to be a topic of conversation at present.
  • SONIA futures remain the outperformers, with market participants disappointed that inflation didn't come in higher than the economist consensus. Reds have seen the biggest moves, up 19-20 ticks on the day with the Dec-22 contract up 14.5 ticks. For the BOE, markets now pricing about 53bp for August (from 56bp yesterday and high of 61bp post-MPC meeting), 98bp (cumulatively) by September, 146bp by November and 174bp by year-end (down 12bp from yesterday's close).
  • Euribor futures are up to 11 ticks higher through most of the strip with some flattening in Whites. For the ECB, markets price 31bp for July, 87bp by September and 174bp by year-end.
  • The Eurodollar strip is up to 15 ticks higher with the biggest move in the Sep-23 contract. For the Fed, around 69bp is priced for July (down 3bp from yesterday's low), 128bp (cumulatively) by September and 191by by year-end (down around 11bp from yesterday's close).