MNI: GERMANY GFK DECEMBER CONSUMER CLIMATE -23.3

MNI BRIEF: BOJ’s JGB Unrealised Loss Rises To JPY13.7 Tlrn

MNI BRIEF: Riksbank Dec Cut On If Things Hold - Jansson

RPT:- MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI NOV CHINA MONEY MARKET INDEX 53.5 VS OCT 38.4

MNI BRIEF: China Profits Fall In October Y/Y

MNI: FRANCE NOV CONSUMER SENTIMENT 90

RBNZ SEES RISK OF MID-TERM INFLATION VOLATILITY

MNI: RBNZ CUTS OCR 50BP TO 4.25%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

STIR: Dovish Moves Leaves A Little Over 75bp Of BoE Cuts Priced Through Dec '25

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

The bid in core global FI markets provides dovish impetus in GBP STIRs.

  • SONIA futures flat to 5.0 higher.
  • BoE-dated OIS flat to 2bp more dovish on the day, showing 2bp of cuts for next month, 21.5bp of easing through Feb, 30.5bp of cuts through March, 54bp of cuts through June and 77bp of easing through December ’25. Yesterday’s dovish extremes intact.
  • French fiscal & political risks dominate news wires, supporting core global FI.
  • An FT interview with BoE’s Lombardelli was released late yesterday.
  • There is nothing in this interview to change expectations of her voting intention (we think that she will vote for unchanged Bank Rate in December, but expect that she and the wider MPC will vote for 25bp cuts in February and May).
  • We provided greater colour on the interview earlier this morning.
  • Little of note on the UK calendar today, leaving focus on wider macro moves.

BoE Meeting

Keep reading...Show less
153 words

To read the full story

Close

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.

The bid in core global FI markets provides dovish impetus in GBP STIRs.

  • SONIA futures flat to 5.0 higher.
  • BoE-dated OIS flat to 2bp more dovish on the day, showing 2bp of cuts for next month, 21.5bp of easing through Feb, 30.5bp of cuts through March, 54bp of cuts through June and 77bp of easing through December ’25. Yesterday’s dovish extremes intact.
  • French fiscal & political risks dominate news wires, supporting core global FI.
  • An FT interview with BoE’s Lombardelli was released late yesterday.
  • There is nothing in this interview to change expectations of her voting intention (we think that she will vote for unchanged Bank Rate in December, but expect that she and the wider MPC will vote for 25bp cuts in February and May).
  • We provided greater colour on the interview earlier this morning.
  • Little of note on the UK calendar today, leaving focus on wider macro moves.

BoE Meeting

Keep reading...Show less