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Market pricing still finding a footing post JOLTs/Pill

BOE

We would judge Pill's speech to be tilted to the hawkish side (although remaining rather non-committal). There has been little impact on market pricing, however, with the global reaction to the US JOLTS disappointment continuing to dominate UK markets.

  • Market pricing for the May meeting seems to have settled at a post-JOLTs level around 18bp (from 19.5bp prior).
  • The terminal rate seems to be flitting between 35-36bp for August/September at present with markets still trying to find a foothold. This is down around 10bp from the pre-JOLTs level and from around 39.5bp at yesterday's close.
  • Gilt futures seem to have stabilised around 104.20 at the time of writing, from 103.57 pre-JOLTs and a high of 104.41 post-data.
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