October 10, 2024 06:47 GMT
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 |
SONIA BoE-Dated OIS (%)
Difference Vs. Current Effective SONIA Rate (bp)
Nov-24
4.729
-22.1
Dec-24
4.601
-34.9
Feb-25
4.396
-55.4
Mar-25
4.264
-68.7
May-25
4.090
-86.0
Jun-25
4.005
-94.5
Aug-25
3.883
-106.7
Sep-25
3.843
-110.7
Nov-25
3.779
-117.1
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