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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

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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

Keep reading...Show less