March 14, 2025 07:48 GMT
STIR: Just Over 55bp Of BoE Cuts Priced Through Dec
STIR
Modest dovish drift in GBP STIRs this morning, with Bunds underpinned and UK GDP data printing on the soft side.
- Still, the moves are limited.
- BoE-dated OIS flat to 1bp lower across ’25 meetings.
- 56.5bp of cuts priced through year-end, with 19bp showing through May, 25bp through June and 40bp through August.
- SONIA futures flat to +4.0, extending yesterday’s post settlement gains.
- The latest BoE/Ipsos inflation attitudes survey will be released later this morning.
- Little else of note on the UK calendar, which will leave macro & cross-market cues front and centre.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Mar-25
4.457
+0.2
May-25
4.263
-19.2
Jun-25
4.203
-25.2
Aug-25
4.056
-39.9
Sep-25
4.008
-44.6
Nov-25
3.912
-54.3
Dec-25
3.889
-56.6
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