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Modest Dovish Reaction In SONIA As Greene Sounds More Centrist

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SONIA & BoE-dated OIS see modest dovish moves in the wake of MPC member Green’s aforementioned comments, which read more centrist than her previous stance.

  • SONIA futures last +0.5 to -1.5 through the Blues.
  • BoE-dated OIS shows 14bp of cuts through June and 60bp of easing through year end, sticking within recent ranges.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Jun-245.062-13.8
Aug-244.930-27.0
Sep-244.828-37.2
Nov-244.697-50.3
Dec-244.599-60.1
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SONIA & BoE-dated OIS see modest dovish moves in the wake of MPC member Green’s aforementioned comments, which read more centrist than her previous stance.

  • SONIA futures last +0.5 to -1.5 through the Blues.
  • BoE-dated OIS shows 14bp of cuts through June and 60bp of easing through year end, sticking within recent ranges.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Jun-245.062-13.8
Aug-244.930-27.0
Sep-244.828-37.2
Nov-244.697-50.3
Dec-244.599-60.1