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SONIA strip moves higher as BOE vote 6-3 to raise rates 25bp

BOE
BulletMarketsFixed IncomeForeign Exchange
  • The language gets a bit of an upgrade, but the market had been looking for around a 1/3 chance of a 25bp hike today and there was already a lot priced in so SONIA futures still moved higher.
  • SONIA strip sees Dec-22 move from 97.00 to spike to 97.165 and now trading at 97.08 (8 tick increase).
  • Dec-23 from 96.815 to high of 96.90 and now 96.855 (4 tick increase).
  • Dec-24 from 97.165 yo 97.25 high, now 97.21 (4.5 tick increase).
  • Gilt futures from 111.70 to high of 112.20, now back to 111.75 (50 tick spike, but only 5 ticks higher than pre-BOE now).
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  • The language gets a bit of an upgrade, but the market had been looking for around a 1/3 chance of a 25bp hike today and there was already a lot priced in so SONIA futures still moved higher.
  • SONIA strip sees Dec-22 move from 97.00 to spike to 97.165 and now trading at 97.08 (8 tick increase).
  • Dec-23 from 96.815 to high of 96.90 and now 96.855 (4 tick increase).
  • Dec-24 from 97.165 yo 97.25 high, now 97.21 (4.5 tick increase).
  • Gilt futures from 111.70 to high of 112.20, now back to 111.75 (50 tick spike, but only 5 ticks higher than pre-BOE now).