MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI China Daily Summary: Monday, December 9

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

Hawkish GBP STIR Move Sticks

STIR

GBP STIRs haven’t threatened to retrace their hawkish CPI-driven moves, with several sell-side names removing their call for a June BoE cut in the time since the release.

  • SONIA futures haven’t tested recent cycle lows but are as much as 18.5bp softer on the day at typing, a little off session lows.
  • BoE-dated OIS shows a mere 2bp of cuts for the June meeting, vs. ~11bp at yesterday’s close.
  • Pricing for the August meeting sticks below 50/50 odds of a 25bp cut through that juncture, after nearly fully discounting such a move at yesterday’s close.
  • 37bp of easing is priced through year end vs. ~53bp yesterday.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Jun-245.182-1.8
Aug-245.087-11.3
Sep-245.011-18.9
Nov-244.905-29.5
Dec-244.829-37.1
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.