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Little From BoE's Mann After Vote Swing, ~76bp Of '24 Cuts Priced In GBP Markets

STIR

The broader weakness in core global FI markets has seen the removal of some BoE rate cut premium. ~76bp of cuts are now priced through year end vs. 82bp early today.

  • SONIA futures are 1.0-6.5bp lower on the day.
  • Little in the way of meaningful comments from ex-hawkish BoE dissenter Mann after she voted with the MPC consensus last week.
  • She notes that last time she spoke she said that her hawkish vote was “finely balanced.”
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
May-245.145-4.5
Jun-245.015-17.6
Aug-244.859-33.1
Sep-244.725-46.6
Nov-244.568-62.3
Dec-244.433-75.8
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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