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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.
STIR
Fed-related price action remains in the driving seat with the BoE-dated OIS strip steepening in the wake of hawkish rhetoric from Fed’s Logan (outlined earlier and countered a little in subsequent comments from Jefferson), while terminal rate pricing stabilizes just below 5.00% in BoE policy rate terms. 17-18bp of cuts between terminal rate (now seen in November) and the Bank’s Mar ’24 meeting is now priced.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Jun-23 | 4.635 | +20.7 |
| Aug-23 | 4.797 | +36.9 |
| Sep-23 | 4.893 | +46.6 |
| Nov-23 | 4.911 | +48.3 |
| Dec-23 | 4.892 | +46.5 |
| Feb-24 | 4.826 | +39.8 |
| Mar-24 | 4.729 | +30.2 |
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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