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Outside the front-end most UK markets now back to pre-BOE levels

UK

Outside of the very short-end (SONIA up to Dec23 and 2-year gilts), UK markets are generally back where they were pre-BOE meeting now.

Jun23 SONIA down 5.5 ticks (implying around 18bp priced for May and a terminal 38bp higher by August, but there is a cut from that terminal rate fully priced in by February 2024).

Around 30 mins ahead of the meeting there had been around 53bp cumulative priced by September (including today's hike), so markets have added around 5bp to the terminal rate on the back of today's decision.

Relative to other recent BOE meetings, this is a small reaction.

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