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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPressured Alongside Global Peers, BoE Pricing Continues Move Away From Dovish Extremes
Gilts continue to slide alongside wider core global FI markets, with technical breaks and pay-side flows in STIRs aiding the move.
- Futures now sit just above 100.00, shedding 95 ticks on the day, with key support breached.
- The contract deals close to 400 ticks shy of late December highs.
- A breach of 100.00 would expose a bit of an air pocket, with little meaningful technical support seen until the 6 Dec high/recent breakout level (98.97).
- Cash gilt yields are 5-8bp higher, with 10s under the most pressure.
- Gilt bears closed the gap lower in 10-Year yields from the 13 Dec close (located at 3.830%), with that benchmark last showing around 3.80%.
- SONIA futures are +0.5 to -15.0 through the blues, with the late reds and greens under the most pressure.
- BoE-dated OIS now prices ~123bp of cuts for calendar ’24, ~30bp off recent dovish extremes and showing the shallowest cutting path seen over that horizon since 20 Dec.
- Early ’24 moves continue to push back on the bullish bond consensus, as core global central bank pricing pulls back from late ’23 dovish extremes.
- Local headline flow has been light, leaving focus on wider market moves and the impending raft of U.S. data.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Feb-24 | 5.195 | +0.8 |
Mar-24 | 5.139 | -4.8 |
May-24 | 4.999 | -18.9 |
Jun-24 | 4.818 | -36.9 |
Aug-24 | 4.564 | -62.3 |
Sep-24 | 4.333 | -85.5 |
Nov-24 | 4.101 | -108.6 |
Dec-24 | 3.957 | -123.0 |
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.