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Not Let Up For SONIA

STIR

SONIA futures operate in line to a touch below late Friday levels, last showing flat to -5.0 through the blues.

  • BoE-dated OIS also sits little changed to a touch firmer on the day, showing ~62bp of cuts through ’24.
  • Late Friday comments from BoE chief economist Pill were not a meaningful needle mover.
  • He showed continued focus on the need to reduce inflation (needing to see several more months of data and a further easing of wage pressures), although did note that "rates can be cut while leaving policy restrictive."
  • Note that former BoE chief economist Haldane has warned that the BoE risks deepening the UK’s recession, as he pointed to a need to loosen policy.
  • The local data docket is empty today, with the observance of a holiday in the U.S. set to thin out broader market liquidity.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.199+1.0
May-245.154-3.5
Jun-245.086-10.2
Aug-244.958-23.1
Sep-244.845-34.3
Nov-244.686-50.3
Dec-244.567-62.2
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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