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STIR: Just Over 70bp Of BoE Cuts Priced For '25, Reeves Due

STIR

A bid in core global FI markets filters into GBP STIRs.

  • No clear driver. Increased French political risk apparent, but OATs have been unreactive to the news.
  • European earnings set the tone in early equity futures trade, as detailed earlier.
  • BoE-dated OIS flat to a couple of bp more dovish on the day, showing ~71bp of cuts through ’25.
  • SONIA futures flat to +3.0.
  • Comments from UK Chancellor Reeves due from just after 10:00. We provided greater colour in an earlier bullet. It is unlikely to be a market moving speech based on the already-released excerpts.
  • As a result, macro and cross-market cues will be eyed today, with the UK data calendar subdued through the end of the week.

BoE Meeting

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A bid in core global FI markets filters into GBP STIRs.

  • No clear driver. Increased French political risk apparent, but OATs have been unreactive to the news.
  • European earnings set the tone in early equity futures trade, as detailed earlier.
  • BoE-dated OIS flat to a couple of bp more dovish on the day, showing ~71bp of cuts through ’25.
  • SONIA futures flat to +3.0.
  • Comments from UK Chancellor Reeves due from just after 10:00. We provided greater colour in an earlier bullet. It is unlikely to be a market moving speech based on the already-released excerpts.
  • As a result, macro and cross-market cues will be eyed today, with the UK data calendar subdued through the end of the week.

BoE Meeting

Keep reading...Show less