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J.P.Morgan: Pay May ’24 BoE OIS

STIR

J.P.Morgan recommend paying May ’24 BoE-dated OIS at 5.12%.

  • They note that “there is only one round of inflation and labour market data between now and the MPC meeting in May and we think the bar for a rate cut in May still remains high.”
  • They go on to suggest that “for a May cut to become a realistic possibility we think that both core services inflation and the BoE’s exclusion-based measure of core services inflation would need to materially fall in April, with wage growth clearly slowing as well.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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