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STIR: GBP STIR Little Changed, Fiscal Dominates, 35bp Of Cuts Seen Through Dec

STIR

Bunds recover from overnight lows, limiting hawkish adjustments in GBP STIRs.

  • Little impact from the IFS warning of a tax rise of around £25 billion in total.
  • BoE-dated OIS essentially unchanged, showing 22bp of cuts for November, 35bp of cuts through December and 95bp of cuts through June.
  • SONIA futures +0.5 to -2.5 lower.
  • Fiscal speculation will continue to dominate today, with no tier 1 UK releases scheduled.

BoE Meeting

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Bunds recover from overnight lows, limiting hawkish adjustments in GBP STIRs.

  • Little impact from the IFS warning of a tax rise of around £25 billion in total.
  • BoE-dated OIS essentially unchanged, showing 22bp of cuts for November, 35bp of cuts through December and 95bp of cuts through June.
  • SONIA futures +0.5 to -2.5 lower.
  • Fiscal speculation will continue to dominate today, with no tier 1 UK releases scheduled.

BoE Meeting

Keep reading...Show less