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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 AccessSONIA Markets Flat, A Little Under 50bp Of ’24 BoE Cuts Priced
Little movement in BoE-dated OIS, with just under 15bp of cuts priced through the August meeting and ~47bp of easing showing through December's MPC decision
- SONIA futures are little changed through the blues, operating on light volume.
- We highlighted some potential short-term limitations for further dovish repricing on Monday.
- The latest Sunak-Starmer debate took place last night but won’t be a market mover, given the lack of fresh information and Labour’s wide lead in the opinion polls.
- The UK data calendar is empty today.
- That will leave participants to eye broader news flow and wider market moves for cues.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Aug-24 | 5.053 | -14.7 |
Sep-24 | 4.985 | -21.5 |
Nov-24 | 4.836 | -36.4 |
Dec-24 | 4.733 | -46.7 |
Feb-25 | 4.593 | -60.7 |
Mar-25 | 4.494 | -70.6 |
May-25 | 4.370 | -83.0 |
Jun-25 | 4.275 | -92.5 |
Source: MNI - Market News/Bloomberg. 2025 meeting dates are estimated.
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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.