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STIR: Just Over 50bp Of BoE Cuts Priced Through Dec

STIR
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Hawkish moves in GBP STIRs this morning.

  • Spillover from the tabled German fiscal reform plan the key driver.
  • Signs of U.S. President Trump being willing to cut a tariff deal with Mexico & Canada also factor in, but seemingly to a lesser extent.
  • BoE-dated OIS now shows ~52bp of cuts through year end vs. ~57bp yesterday.
  • SONIA futures flat to -12.0, steepening.
  • SFIZ5 and Z6 still trade above their Monday lows.
  • Final services PMI data is due this morning, although expect macro impulses (German fiscal & U.S. tariff headlines, as well as U.S. data) to outweigh that release.
  • Elsewhere, a Treasury Select Committee appearance from BoE’s Bailey, Pill, Taylor & Greene gets underway at 14:30 GMT.

BoE Meeting

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Hawkish moves in GBP STIRs this morning.

  • Spillover from the tabled German fiscal reform plan the key driver.
  • Signs of U.S. President Trump being willing to cut a tariff deal with Mexico & Canada also factor in, but seemingly to a lesser extent.
  • BoE-dated OIS now shows ~52bp of cuts through year end vs. ~57bp yesterday.
  • SONIA futures flat to -12.0, steepening.
  • SFIZ5 and Z6 still trade above their Monday lows.
  • Final services PMI data is due this morning, although expect macro impulses (German fiscal & U.S. tariff headlines, as well as U.S. data) to outweigh that release.
  • Elsewhere, a Treasury Select Committee appearance from BoE’s Bailey, Pill, Taylor & Greene gets underway at 14:30 GMT.

BoE Meeting

Keep reading...Show less