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STIR: Breeden Scheduled But Policy Signals May Be Limited

STIR
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Today’s UK calendar is headlined by an appearance from BoE Deputy Governor Breeden at 1345BST, though comments surrounding the BoE’s policy outlook may be limited. 

  • Breeden will be moderating a panel on “Global supervisory cooperation in times of turbulence”, for which no text will be released.
  • Since joining the MPC in November 2023, Breeden has voted in lockstep with Governor Bailey. In our August BoE review, we noted that Breeden’s vote to cut rates in August was “finely balanced” (alongside Bailey and Lombardelli).
  • SONIA futures are +0.5 to +2.0 ticks through the blues, outperforming Euribor slightly.
  • BoE-dated OIS assign a low probability of a rate cut in September, with just 4bps priced, but a 25bp cut is more than fully priced through the November meeting.

 

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Today’s UK calendar is headlined by an appearance from BoE Deputy Governor Breeden at 1345BST, though comments surrounding the BoE’s policy outlook may be limited. 

  • Breeden will be moderating a panel on “Global supervisory cooperation in times of turbulence”, for which no text will be released.
  • Since joining the MPC in November 2023, Breeden has voted in lockstep with Governor Bailey. In our August BoE review, we noted that Breeden’s vote to cut rates in August was “finely balanced” (alongside Bailey and Lombardelli).
  • SONIA futures are +0.5 to +2.0 ticks through the blues, outperforming Euribor slightly.
  • BoE-dated OIS assign a low probability of a rate cut in September, with just 4bps priced, but a 25bp cut is more than fully priced through the November meeting.

 

Keep reading...Show less