November 28, 2024 15:54 GMT
STIR: Just Over 75bp Of BoE Cuts Priced Through '25, Little Changed On The Day
STIR
No major domestic cues, meaning GBP STIRs trade off wider swings in core global FI sentiment.
- Spillover from a bid in EGBs leaves SONIA futures little changed to +5.0, off session highs at typing.
- BoE-dated OIS still little changed on the day.
- Next 25bp cut fully discounted through the March MPC, with ~76bp of cuts showing through the end of ’25.
- Little of note on the UK calendar for the remainder of the week.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Dec-24
4.686
-1.4
Feb-25
4.494
-20.6
Mar-25
4.409
-29.1
May-25
4.255
-44.5
Jun-25
4.180
-52.0
Aug-25
4.078
-62.2
Sep-25
4.032
-66.8
Nov-25
3.967
-73.3
Dec-25
3.937
-76.3
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