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Fresh Hawkish Flows In BoE OIS

STIR

As noted elsewhere, a fresh round of hawkish impetus has been seen in UK STIRs during the early rounds of afternoon dealing, although a headline catalyst has not been observed.

  • That leaves ~6.5bp of tightening showing for BoE-dated OIS, with terminal policy rate pricing now ~19.5bp above prevailing levels, moving beyond the initial post-CPI hawkish extremes.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Nov-235.250+6.3
Dec-235.325+13.8
Feb-245.370+18.3
Mar-245.381+19.4
May-245.365+17.7
Jun-245.330+14.3
Aug-245.278+9.0
Sep-245.203+1.6
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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