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STIR: Little Net Movement In BoE Pricing, 36.5bp Of Cuts Priced Through Dec

STIR

No meaningful reaction in GBP STIRs to reports pointing to an increase in infrastructure spending, seemingly set to be facilitated by the widely expected fiscal rule tweak (more on that shortly).

  • Similarly, no reaction to the latest speculation of impending fiscal stimulus out of China.
  • BoE-dated OIS little changed, showing ~22.5bp of cuts for November, 36.5bp of cuts through year-end and 98bp of cuts through June ’25.
  • SONIA futures 0.5-3.5 firmer, with an uptick in Bunds supporting.
  • Little of note on the UK data calendar today, which should leave wider market sentiment at the fore.

BoE Meeting

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No meaningful reaction in GBP STIRs to reports pointing to an increase in infrastructure spending, seemingly set to be facilitated by the widely expected fiscal rule tweak (more on that shortly).

  • Similarly, no reaction to the latest speculation of impending fiscal stimulus out of China.
  • BoE-dated OIS little changed, showing ~22.5bp of cuts for November, 36.5bp of cuts through year-end and 98bp of cuts through June ’25.
  • SONIA futures 0.5-3.5 firmer, with an uptick in Bunds supporting.
  • Little of note on the UK data calendar today, which should leave wider market sentiment at the fore.

BoE Meeting

Keep reading...Show less