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STIR: Less Than 50bp Of BoE Cuts Priced For '25

STIR
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{GB} STIR: Long end weakness, fiscal worry and the latest round of media speculation surrounding Trump’s tariff preferences promote hawkish repricing for GBP STIRs.

  • BoE-dated OIS now prices ~46bp of cuts through ’25, testing the recent hawkish extreme.
  • The next 25bp cut is still more than fully discounted through the May MPC.
  • SONIA futures -0.5 to -15.0, with the strip steepening.
  • SFIZ5 pierces its December low, with bears now eying the ’24 low (95.660), which is ~10.0 below prevailing levels.

BoE Meeting

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{GB} STIR: Long end weakness, fiscal worry and the latest round of media speculation surrounding Trump’s tariff preferences promote hawkish repricing for GBP STIRs.

  • BoE-dated OIS now prices ~46bp of cuts through ’25, testing the recent hawkish extreme.
  • The next 25bp cut is still more than fully discounted through the May MPC.
  • SONIA futures -0.5 to -15.0, with the strip steepening.
  • SFIZ5 pierces its December low, with bears now eying the ’24 low (95.660), which is ~10.0 below prevailing levels.

BoE Meeting

Keep reading...Show less