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Little Change In BoE Pricing As Dhingra Sticks To Dovish Script

STIR

Little net movement in BoE pricing as BoE MPC dove Dhingra has stuck to her well-defined policy stance in her appearance at an MNI event.

  • She remains less worried about upside inflation risks than her colleagues.
  • 70bp of cuts show through year with, with the first 25bp step fully discounted come the end of the Aug '24 MPC.
  • Pricing for the June MPC is essentially 50/50 when it comes to the odds of a 25bp cut.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.200+1.2
May-245.148-4.0
Jun-245.061-12.7
Aug-244.908-28.0
Sep-244.784-40.4
Nov-244.616-57.2
Dec-244.488-70.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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