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/STIR: Goldman Remain Comfortable Receiving Dec-24 BoE OIS, Also Like Long End Steepeners

GILTS

Goldman Sachs write “we continue to feel comfortable with our recommendation to receive Dec-24 BoE pricing.”

  • “This is because, although strength in labour markets mean risks to our baseline are skewed towards a later cut (in June vs May), we believe (risks to) cumulative 2024 cut pricing remains asymmetric, perhaps even more so than the US.”
  • “We also expect spillovers from the US to become more friendly to front-end longs in the near term.”
  • “For investors that are reluctant to set-up outright longs, we note that 10s30s have continued to trade in line with the front end, suggesting that, combined with heavy issuance needs from the UK government, long-end steepeners are also likely to work well.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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