December 03, 2024 15:00 GMT
STIR: Just Under 85bp Of BoE Cuts Priced Through Dec '25
STIR
The bid in core global FI markets, driven by the declaration of martial law in South Korea, promotes some modest dovish repricing in GBP STIRs.
- SONIA futures now 0.25-4.5 firmer on the day.
- BoE-dated OIS flat to 1.5bp more dovish on the day, showing 31.5bp of cuts through March and 84.5bp of easing through Dec ’25.
- External matters continue to drive swings in the space, with comments from BoE’s Bailey & Greene eyed over the next couple of days.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Dec-24
4.687
-1.3
Feb-25
4.482
-21.8
Mar-25
4.387
-31.3
May-25
4.217
-48.3
Jun-25
4.131
-56.9
Aug-25
4.011
-68.9
Sep-25
3.962
-73.9
Nov-25
3.890
-81.0
Dec-25
3.855
-84.5
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