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Slow start to the morning

STIR FUTURES

It's been a bit of a slow start for STIR futures markets this morning, generally drifting a little higher, but moves are limited to around 2.5 ticks or so.

  • For the BOE, markets now pricing about 56bp for August (from 58bp close on Friday), 106bp (cumulatively) by September, 159bp by November and 187bp by year-end (up 5bp from Friday). The next big event will be the release of inflation data at 7:00BST / 8:00CET tomorrow morning.
  • For the ECB, markets price 34bp for July, 88bp by September and 174bp by year-end.
  • For the Fed, around 71bp for July, 131bp (cumulatively) by September and 200by by year-end.

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