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Dovish Unwind Continues In GBP Markets

STIR

The moves in wider core global FI markets seen since yesterday’s close keeps the pressure on SONIA markets, with futures flat to -4.0 through the blues.

  • Meanwhile, BoE-dated OIS continues to unwind pricing of rate cuts, now showing ~77bp of cuts through ’24, a new '24 extreme.
  • As we have noted elsewhere, comments from BoE MPC hawkish dissenter Haskel sounded a little less hawkish than those of colleague (and fellow hawkish dissenter) Mann, although it remains unclear if he will change his vote in March. See earlier bullets for further details.
  • The local docket is essentially empty to end the week, which will leave focus on wider macro and cross-market matters, as well as flow reaction to the move in wider bonds/fresh extremes in ’24 BoE pricing.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.185-0.4
May-245.114-7.5
Jun-245.019-17.0
Aug-244.867-32.2
Sep-244.730-45.9
Nov-244.545-64.4
Dec-244.415-77.4
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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