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Implied SONIA Rates Little Changed To A Touch Lower, TSC Eyed

STIR

Core global FI markets have ticked away from yesterday’s low, leaving SONIA futures running flat to +3.5 through the blues.

  • BoE-dated OIS contracts are flat to 2bp softer alongside the bid in the wider core global FI, although the strip still shows less than 3x 25bp cuts through ’24.
  • Local headline flow has been muted.
  • Tuesday's local docket will be headline by a TSC appearance from BoE's Bailey, Broadbent, Dhingra & Greene.
  • Most of that group’s monetary policy views are well-defined, while Deputy Governor Broadbent is unlikely to stray too far from the central BoE view.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.199+1.1
May-245.147-4.1
Jun-245.068-12.0
Aug-244.916-27.2
Sep-244.795-39.3
Nov-244.627-56.1
Dec-244.500-68.9
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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