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STIR: Just Over 60bp Of BoE Cuts Priced Through '25

STIR
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GBP STIRs little changed to start the week, with the marginal marks lower in the final UK GDP data limiting spill over from the downtick in wider core global FI markets.

  • SONIA futures little changed across the strip as a result.
  • BoE-dated OIS showing ~61bp of cuts through ’25, next cut more than 80% discounted through March and more than fully discounted through May.
  • Little of note on the UK calendar for the remainder of the week, which will leave focus on macro headline flow.
  • A reminder that the Christmas holiday period will result in adjusted trading hours, as well as depleted liquidity and volume.

BoE Meeting

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GBP STIRs little changed to start the week, with the marginal marks lower in the final UK GDP data limiting spill over from the downtick in wider core global FI markets.

  • SONIA futures little changed across the strip as a result.
  • BoE-dated OIS showing ~61bp of cuts through ’25, next cut more than 80% discounted through March and more than fully discounted through May.
  • Little of note on the UK calendar for the remainder of the week, which will leave focus on macro headline flow.
  • A reminder that the Christmas holiday period will result in adjusted trading hours, as well as depleted liquidity and volume.

BoE Meeting

Keep reading...Show less