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STIR: BoE Pricing Little Changed, Full Cut For Nov, 125bp Seen Through June

STIR
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BoE pricing little changed to start the week; 25bp of cuts priced for Nov, ~40bp of cuts showing through year-end and ~125bp of cuts priced through June ’25.

  • SONIA futures hold most of Friday’s late rally, last flat to +5.0
  • A reminder that dovish comments from Fed Governor Waller spilled over into GBP STIRs ahead of the weekend.
  • Market participants continue to assess how “gradual” the BoE’s easing process will be.
  • We have noted that a November cut looks almost assured, but believe that the pace of any subsequent cuts remains far from certain: https://media.marketnews.com/MNI_Bo_E_Review_Sep24_68b6154ee9.pdf
  • Flash PMI data is due today, while comments from Chancellor Reeves will also be eyed (we will provide more colour on the latter shortly).

BoE Meeting

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BoE pricing little changed to start the week; 25bp of cuts priced for Nov, ~40bp of cuts showing through year-end and ~125bp of cuts priced through June ’25.

  • SONIA futures hold most of Friday’s late rally, last flat to +5.0
  • A reminder that dovish comments from Fed Governor Waller spilled over into GBP STIRs ahead of the weekend.
  • Market participants continue to assess how “gradual” the BoE’s easing process will be.
  • We have noted that a November cut looks almost assured, but believe that the pace of any subsequent cuts remains far from certain: https://media.marketnews.com/MNI_Bo_E_Review_Sep24_68b6154ee9.pdf
  • Flash PMI data is due today, while comments from Chancellor Reeves will also be eyed (we will provide more colour on the latter shortly).

BoE Meeting

Keep reading...Show less