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SONIA Futures Tick Higher Alongside Bonds, 42bp Of '24 BoE Cuts Priced

STIR

SONIA futures are flat to +2.0, drawing support from a rally in wider core global FI markets.

  • BoE-dated OIS is 1-3bp more dovish on the day, showing ~8bp of cuts for Sep & ~42bp of easing through year end.
  • Markets continue to lean more towards the idea of 2x 25bp rate cuts through the remainder of ’24.
  • Broader macro matters, namely Fed pricing, continue to dominate local inputs.
  • Lower tier data & surveys have shown positive UK economic developments, with Rightmove data suggesting that prospective homebuyer searches have stepped up following the first BoE rate cut of the cycle, while Adzuna data pointed to an increase in job adverts.
  • Thursday’s flash PMI data headlines this week’s UK data calendar.
  • BoE Governor Bailey will speak from Jackson Hole on Friday
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.873-7.7
Nov-244.664-28.6
Dec-244.533-41.7
Feb-254.346-60.4
Mar-254.206-74.4
May-254.042-90.8
Jun-253.952-99.8
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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