October 21, 2024 14:45 GMT
GILTS: No Meaningful Reaction As Greene Reaffirms Hawkish Leaning
GILTS
No tangible reaction in gilts and SONIA as BoE MPC member Greene reaffirms her hawkish leanings.
- Her latest FT column concluded with “given these risks, I believe a cautious, gradual approach to monetary easing is appropriate.”
- Gilts just off session lows, futures -59 at 97.35, still within Friday’s range.
- Yields 3-7bp higher, curve still steepening.
- BoE-dated OIS little changed to 3bp less dovish on the day, showing 24bp of cuts for November, 42bp of cuts through year-end and 114.5bp of cuts through June.
- SONIA futures flat to -5.0.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference Vs. Current Effective SONIA Rate (bp)
Nov-24
4.709
-24.1
Dec-24
4.532
-41.8
Feb-25
4.302
-64.8
Mar-25
4.116
-83.4
May-25
3.909
-104.1
Jun-25
3.805
-114.5
Aug-25
3.668
-128.2
Sep-25
3.619
-133.1
Nov-25
3.556
-139.4
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