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SONIA & BoE Pricing In Line With Late Wednesday Levels, BoE Comments Eyed

STIR

SONIA futures operate around levels seen late yesterday, with core global FI markets off overnight bests. That leaves contracts running flat to -4.0, with the reds under the most pressure.

  • BoE-dated OIS is little changed, showing ~84bp of cuts through ’24.
  • Overnight domestic headline flow has seen some focus on a slightly less negative RICS house price reading and the latest KPMG-REC labour market report, which pointed to another round of loosening.
  • Comments from BoE hawk Mann (15:00 London) headline the local docket today.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.180-0.9
May-245.111-7.8
Jun-245.000-18.9
Aug-244.831-35.8
Sep-244.684-50.5
Nov-244.487-70.2
Dec-244.349-84.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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