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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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Free AccessGILTS: Off Highs Alongside Tsys, Bull Steepening Holds
Gilts follow Tsys lower as Fed pricing sees some hawkish adjustments in the wake of the CPI data.
- Futures still haven’t closed the opening gap higher but do register fresh session lows of 100.70 before recovering to ~100.90.
- Technicals remain bullish. Initial support at the Sep 10 high (100.64), with resistance at today’s high (101.26), followed by a Fibonacci level (101.78).
- Yields 1-4bp lower on the day, still bull steepening on the day.
- SONIA futures flat to +7.0, comfortably back from intraday highs alongside gilts.
- BoE-dated OIS now showing 2.5bp of cuts for this month’s MPC, ~48bp of cuts through year-end and ~132bp of easing through Jun ’25.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Sep-24 | 4.925 | -2.5 |
Nov-24 | 4.655 | -29.5 |
Dec-24 | 4.469 | -48.1 |
Feb-25 | 4.199 | -75.1 |
Mar-25 | 3.978 | -97.2 |
May-25 | 3.754 | -119.6 |
Jun-25 | 3.630 | -132.0 |
To read the full story
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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.