End '24 BoE Pricing Anchored Around 75bp Of Cuts, Heavy UK Risk Week Inbound

BoE-dated OIS has re-anchored around pricing ~75bp of cuts through year end after words from BoE MPC hawk Haskel and the continued slide in global core FI markets promoted pay-side flows beyond that mark in early London trade. U.S. CPI annual revisions provided a source of cross-market vol. in more recent trade.

• Domestic headline flow has been limited, save the comments from Haskel, which has led to discussions centring on macro and cross-market matters, the degree of the repricing witnessed since the late Dec ’23 dovish extremes (with year-end BoE pricing essentially 80bp less dovish than extremes seen in that window), while domestic focus moves to next week’s tier 1 risk events.
• A reminder that next week will see UK CPI, labour market, GDP, monthly economic activity and retail sales data.
• We will also hear from BoE’s Bailey, Green, Mann & Pill next week.