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STIR: Flat Start For GBP STIRs, 39bp Of BoE Cuts Priced Through Dec

STIR
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Little movement in GBP STIRs to start the week, leaving 24.5bp of cuts priced for Nov, 39bp of cuts priced through year-end and 126bp of easing seen through June ’25.

  • SONIA futures flat to +1.5.
  • Chinese stimulus headlines and a subsequent rally in Chinese equities having little net impact on the space at this juncture.
  • Final UK Q2 GDP data was a little lower than expected/prior estimates but won’t impact BoE policy deliberations.
  • Chancellor Reeves continues to try and forge closer ties with the EU, but that shouldn’t be market moving.
  • The BoE DMP survey and final PMIs are due this week.
  • We will also get another round of comments from BoE's Greene (21:10 today), while chief economist Pill's address (Friday, Tuesday speech may have been cancelled) will be eyed for any dovish cues after other recent hawkish dissenters have appeared a little more open to further rate cuts.

BoE Meeting

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Little movement in GBP STIRs to start the week, leaving 24.5bp of cuts priced for Nov, 39bp of cuts priced through year-end and 126bp of easing seen through June ’25.

  • SONIA futures flat to +1.5.
  • Chinese stimulus headlines and a subsequent rally in Chinese equities having little net impact on the space at this juncture.
  • Final UK Q2 GDP data was a little lower than expected/prior estimates but won’t impact BoE policy deliberations.
  • Chancellor Reeves continues to try and forge closer ties with the EU, but that shouldn’t be market moving.
  • The BoE DMP survey and final PMIs are due this week.
  • We will also get another round of comments from BoE's Greene (21:10 today), while chief economist Pill's address (Friday, Tuesday speech may have been cancelled) will be eyed for any dovish cues after other recent hawkish dissenters have appeared a little more open to further rate cuts.

BoE Meeting

Keep reading...Show less