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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

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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

Keep reading...Show less