March 12, 2025 07:41 GMT
STIR: Just Under 60bp Of BoE Cuts Priced Through Year-End
STIR
No real reaction in GBP STIRs to Tuesday’s late tariff developments, with Bunds recovering all of the sell off that followed signs of a moderation in U.S.-Canada tariffs.
- Meanwhile, domestic drivers are lacking.
- BoE-dated OIS essentially unchanged across ’25 meetings, ~19bp of easing showing through May, ~25.5bp through June and ~59bp through year-end.
- SONIA futures flat to +2.0.
- Little of note on the UK calendar until Friday’s monthly economic activity data, leaving focus on macro & cross-market cues.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Mar-25
4.455
+0.0
May-25
4.266
-18.9
Jun-25
4.199
-25.6
Aug-25
4.052
-40.3
Sep-25
4.000
-45.4
Nov-25
3.897
-55.8
Dec-25
3.868
-58.7
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