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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Just Under 55bp Of '24 Cuts Priced Ahead Of BoE Meeting
GBP STIRs are little changed as participants look ahead to the latest BoE decision.
- SONIA futures are flat to -1.0 through the blues.
- BoE-dated OIS shows ~54bp of cuts through year end and prices over 90% odds of the first 25bp cut come the end of the August MPC.
- Our full BoE preview can be found here.
- On Wednesday we suggested that a dovish BoE outcome probably presents the greatest risk to current market pricing, although the move away from recent dovish extremes provides a little more balance to the risk profile heading into the decision.
- Overnight, the S&P-KPMG-REC Report on Jobs showed that the labour market continues to soften, albeit at a slower pace than in March.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
May-24 | 5.193 | -0.7 |
Jun-24 | 5.091 | -10.9 |
Aug-24 | 4.960 | -24.0 |
Sep-24 | 4.874 | -32.6 |
Nov-24 | 4.750 | -45.0 |
Dec-24 | 4.658 | -54.3 |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.