Little Net Movement In BoE-Dated OIS, Thursday’s Meeting Eyed

BoE-dated OIS continues to operate in the ranges outlined earlier today, effectively flat to 2bp firmer on the session, with moves in global core FI markets generally driving things, given the lack of meaningful domestic headline flow. As noted earlier, that leaves pricing well shy of the recent hawkish extremes, after the run of tier 1 domestic data and general cross-market moves biased us in that direction. 34-35bp of tightening is still showing for next week’s BoE, while terminal policy rate pricing is operating a little below 5.90%. Expect much more detail on the policy debate in our BoE decision preview, which will hit later this week.