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STIR: Hawkish Adjustments In GBP STIRs, 42bp Of Cuts Showing Through Year-End

STIR
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Hawkish adjustments in GBP STIRs, seemingly alongside a downtick Bunds.

  • This comes after BoE Governor Bailey drove dovish repricing on Thursday.
  • BoE-dated OIS shows ~25bp of cuts for November, ~42bp of cuts through December and ~119bp of easing through June '25.
  • Contracts little changed to 4bp less dovish vs. Thursday's closing levels.
  • SONIA futures little changed to -4.0.
  • Comments from BoE chief economist Pill (08:55 London) headline today’s UK calendar.
  • There will be particular focus on whether the recent hawkish dissenter will follow Governor Bailey in turning more dovish, further lowering the bar for back-to-back rate cuts into year-end.
  • U.S. NFP presents the major scheduled macro risk event this afternoon.

BoE Meeting

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Hawkish adjustments in GBP STIRs, seemingly alongside a downtick Bunds.

  • This comes after BoE Governor Bailey drove dovish repricing on Thursday.
  • BoE-dated OIS shows ~25bp of cuts for November, ~42bp of cuts through December and ~119bp of easing through June '25.
  • Contracts little changed to 4bp less dovish vs. Thursday's closing levels.
  • SONIA futures little changed to -4.0.
  • Comments from BoE chief economist Pill (08:55 London) headline today’s UK calendar.
  • There will be particular focus on whether the recent hawkish dissenter will follow Governor Bailey in turning more dovish, further lowering the bar for back-to-back rate cuts into year-end.
  • U.S. NFP presents the major scheduled macro risk event this afternoon.

BoE Meeting

Keep reading...Show less