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STIR: Little Net Change In SONIA, Just Over 80bp Of BoE Cuts Priced Through '25

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

Modest dovish moves in GBP STIRs this morning, as French political risks support core global FI markets.

  • SONIA futures last flat to +1.5.
  • BoE-dated OIS little changed on the day, showing 30bp of cuts through March and 81.5bp of easing through the end of ’25 (exact pricing run in table below).
  • UK headline flow centred on political matters over the weekend, not deemed market moving.
  • Elsewhere, lower tier data released thus far on Monday also not market moving.
  • Final UK manufacturing PMI data due today.
  • This week’s UK focus will fall on comments from BoE Governor Bailey (Wednesday) & MPC member Greene (Thursday).

BoE Meeting

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Modest dovish moves in GBP STIRs this morning, as French political risks support core global FI markets.

  • SONIA futures last flat to +1.5.
  • BoE-dated OIS little changed on the day, showing 30bp of cuts through March and 81.5bp of easing through the end of ’25 (exact pricing run in table below).
  • UK headline flow centred on political matters over the weekend, not deemed market moving.
  • Elsewhere, lower tier data released thus far on Monday also not market moving.
  • Final UK manufacturing PMI data due today.
  • This week’s UK focus will fall on comments from BoE Governor Bailey (Wednesday) & MPC member Greene (Thursday).

BoE Meeting

Keep reading...Show less