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GBP Markets See Pay Side Remaining In Control On The Day

STIR

The previously covered combination of domestic data and the latest round of Fedspeak helps limit any receiver flow-driven pullbacks in BoE-dated OIS. That leaves ~84bp of cuts priced through ’24, ~1bp off least dovish session extremes of ~83bp.

  • Meanwhile, SONIA futures are flat to -10.0, with the late reds and early greens under the most pressure.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.181-0.8
May-245.118-7.1
Jun-245.009-17.9
Aug-244.840-34.8
Sep-244.692-49.7
Nov-244.489-70.0
Dec-244.349-84.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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