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STIR: Little Movement In GBP STIRs, Just Over 75bp Of Cuts Priced through '25

STIR
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SONIA futures hold yesterday’s post-settlement recovery from lows, last flat to +3.5. 

  • Early uptick alongside Bunds fades.
  • BoE-dated OIS little changed to 1bp more dovish on the day, 30bp of cuts priced through March, 76bp of easing priced through '25, respecting recent ranges.
  • UK headline flow remains light.
  • Little of note on the UK calendar today, which will leave most of the focus on spill over from European data (national CPI readings), ECB speak and French fiscal/political matters.
  • A reminder that the U.S. will observing the Thanksgiving holiday today, thinning out broader market liquidity.

BoE Meeting

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SONIA futures hold yesterday’s post-settlement recovery from lows, last flat to +3.5. 

  • Early uptick alongside Bunds fades.
  • BoE-dated OIS little changed to 1bp more dovish on the day, 30bp of cuts priced through March, 76bp of easing priced through '25, respecting recent ranges.
  • UK headline flow remains light.
  • Little of note on the UK calendar today, which will leave most of the focus on spill over from European data (national CPI readings), ECB speak and French fiscal/political matters.
  • A reminder that the U.S. will observing the Thanksgiving holiday today, thinning out broader market liquidity.

BoE Meeting

Keep reading...Show less