MNI BRIEF: BOJ’s JGB Unrealised Loss Rises To JPY13.7 Tlrn

MNI BRIEF: Riksbank Dec Cut On If Things Hold - Jansson

RPT:- MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI BRIEF: China Profits Fall In October Y/Y

MNI China Press Digest Nov 27: Insurance, Tax, U.S. Trade

MNI: FRANCE NOV CONSUMER SENTIMENT 90

RBNZ SEES RISK OF MID-TERM INFLATION VOLATILITY

MNI: RBNZ CUTS OCR 50BP TO 4.25%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GBP STIRs Off Post-CPI Extremes, Still Less Than 40bp Of '24 Cuts Priced

STIR

GBP STIRs have bounced from post-CPI hawkish extremes alongside the modest recovery in gilts.

  • As we flagged earlier, late Tuesday comments from BoE Governor Bailey, the low (by recent standards) absolute level of cuts priced in for ’24 and softer energy prices have probably factored into the move.
  • SONIA futures are flat to -4.0 through the blues.
  • ~39bp of cuts are priced through ’24 on the whole, after a fresh ’24 low sub-35bp was registered this morning.
  • Meanwhile, the first 25bp cut is fully discounted come the end of the Nov MPC, with ~88% odds of a cut priced through the end of the Sep meeting.
  • Comments from BoE’s Bailey & Haskel are due later today,
  • Today has already seen their MPC colleague, Greene, sound a little more balanced than her hawkish offering in the FT last week.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
May-245.201+0.3
Jun-245.139-6.0
Aug-245.038-16.1
Sep-244.980-21.8
Nov-244.879-32.0
Dec-244.809-38.9
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

To read the full story

Close

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.