January 28, 2025 08:23 GMT
STIR: Over 70bp Of BoE Cuts Still Priced Through '25
STIR
Little net movement in GBP STIRs this morning.
- BoE-dated OIS shows ~72bp of cuts through year-end.
- We continue to look for cuts in February and May, with ~22.5bp and ~42.5bp of cuts currently priced through those meetings.
- SONIA futures +0.5 to -1.0.
- Little of note on the UK calendar this week, which will leave focus on the long end & broader macro cues.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Feb-25
4.474
-22.6
Mar-25
4.427
-27.3
May-25
4.277
-42.3
Jun-25
4.209
-49.1
Aug-25
4.095
-60.5
Sep-25
4.065
-63.5
Nov-25
4.001
-69.9
Dec-25
3.979
-72.1
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