Free Trial

Little Change In SONIA Markets On The Day, CPI & BoE Eyed

STIR

Modest gilt outperformance vs. peers comes alongside a steadying in UK STIRs on Monday.

  • SONIA futures are essentially unchanged, while BoE-dated OIS shows ~63bp of ’24 cuts, little changed on the day and the first 25bp cut fully discounted through the end of the August meeting.
  • UK headline flow has been subdued since the STIR open.
  • Wednesday’s UK CPI data and Thursday’s BoE decision headline the domestic calendar this week. Expect our previews on both to be published tomorrow.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.205+1.5
May-245.170-2.0
Jun-245.079-11.1
Aug-244.937-25.2
Sep-244.824-36.6
Nov-244.673-51.7
Dec-244.557-63.2
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

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.