FED'S SCHMID - WE STILL HAVEN'T BEAT INFLATION BACK TO 2%

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

EZ/UK Bond Supply Calendar: UK Synd; EU-Bond Auction on Monday

US EIA:NAT GAS STORAGE -3 BCF TO 3,969 BCF NOV 15 WK

MNI: US NAR: OCT EXISTING HOME SALES 3.96M SAAR

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SONIA Futures Rally Further, 45bp Of BoE Cuts Priced Through Dec

STIR
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

SONIA futures remain underpinned with Bunds through yesterday’s highs.

  • Contracts flat to +4.0, also through yesterday’s highs, but remaining comfortably below early August risk-off extremes.
  • BoE-dated OIS 1-4bp more dovish on the day. 6bp of cuts priced for this month, 29bp of easing showing through Nov and 45bp of cuts priced through year end.
  • The BoE’s latest DMP survey headlines the UK calendar today, but expect macro matters to continue to dominate, with U.S. ADP, weekly jobless claims and ISM services data due.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.890-6.0
Nov-244.658-29.2
Dec-244.496-45.4
Feb-254.272-67.8
Mar-254.114-83.6
May-253.936-101.4
Jun-253.837-111.3
117 words

To read the full story

Close

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.

SONIA futures remain underpinned with Bunds through yesterday’s highs.

  • Contracts flat to +4.0, also through yesterday’s highs, but remaining comfortably below early August risk-off extremes.
  • BoE-dated OIS 1-4bp more dovish on the day. 6bp of cuts priced for this month, 29bp of easing showing through Nov and 45bp of cuts priced through year end.
  • The BoE’s latest DMP survey headlines the UK calendar today, but expect macro matters to continue to dominate, with U.S. ADP, weekly jobless claims and ISM services data due.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.890-6.0
Nov-244.658-29.2
Dec-244.496-45.4
Feb-254.272-67.8
Mar-254.114-83.6
May-253.936-101.4
Jun-253.837-111.3