MNI BRIEF: US Nov Existing Home Sales Jumps 4.8% To 4.15M

MNI BRIEF: BOE Leaves Rates Unchanged In 6-3 Vote Split

MNI BOE WATCH: Bank Keeps Rate At 4.75%, But Three Vote To Cut

MNI BRIEF: CNB Pauses Easing Cycle As Expected

MNI China Daily Summary: Thursday, December 19

MNI BRIEF: China Working On Trade-in Scheme Expansion - MOFCOM

US EIA:NAT GAS STORAGE -125 BCF TO 3,622 BCF DEC 13 WK

MNI: US NAR: NOV EXISTING HOME SALES 4.15M SAAR

MNI: US DEC PHILADELPHIA FED MFG INDEX -16.4

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

STIR: Little Movement In GBP STIRs, Next Cut Fully Priced For March

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

Little net change across GBP STIRs.

  • BoE-dated OIS shows 2.5bp of cuts for next month, 20bp through February, 27bp through March, 46bp through June and 65bp through December ’25, with the bulk of the hawkish post-Budget repricing still holding. Contracts little changed to ~1.5bp less dovish on the day.
  • SONIA futures -1.5 to +0.5.
  • Downticks in Bunds and Euribor futures providing some modest spill over early today.
  • Little in the way of market moving UK-specific news noted over the weekend.
  • CPI data headlines the UK calendar this week (Wednesday).
  • Bloomberg consensus looks for headline CPI at +2.2%Y/Y (BoE at +2.18%, prior +1.68%Y/Y).
  • The expected move higher in headline CPI is largely driven by utilities prices with the consumer “price cap” rising around 9.5% in the month.
  • Consensus expects the more important services CPI to print at +4.9%Y/Y in October (BoE at +4.98%, prior +4.94%Y/Y).
  • The biggest contributor to the downside surprise to services CPI in September was air fares (which are always volatile).
  • Expect our full preview of the release on Tuesday.

BoE Meeting

Keep reading...Show less
171 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Little net change across GBP STIRs.

  • BoE-dated OIS shows 2.5bp of cuts for next month, 20bp through February, 27bp through March, 46bp through June and 65bp through December ’25, with the bulk of the hawkish post-Budget repricing still holding. Contracts little changed to ~1.5bp less dovish on the day.
  • SONIA futures -1.5 to +0.5.
  • Downticks in Bunds and Euribor futures providing some modest spill over early today.
  • Little in the way of market moving UK-specific news noted over the weekend.
  • CPI data headlines the UK calendar this week (Wednesday).
  • Bloomberg consensus looks for headline CPI at +2.2%Y/Y (BoE at +2.18%, prior +1.68%Y/Y).
  • The expected move higher in headline CPI is largely driven by utilities prices with the consumer “price cap” rising around 9.5% in the month.
  • Consensus expects the more important services CPI to print at +4.9%Y/Y in October (BoE at +4.98%, prior +4.94%Y/Y).
  • The biggest contributor to the downside surprise to services CPI in September was air fares (which are always volatile).
  • Expect our full preview of the release on Tuesday.

BoE Meeting

Keep reading...Show less