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STIR: Modest Hawkish Moves In SONIA, Labour Market Data Won’t Alter BoE View

STIR
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SONIA futures flat to -3.0, moving back from yesterday’s late highs as Bunds pull away from best levels. 

  • BoE-dated OIS 1-4bp more hawkish. 3bp of cuts priced for this month, 28bp of cuts showing through Nov and 44bp of cuts priced through year-end.
  • Little to move the needle for the BoE in the latest labour market data. Click for our initial reaction to the release.
  • We will provide the usual post-data review in due course.
  • A reminder that the BoE has deemphasised the labour market data (in isolation) in recent months, focusing on a more overarching view of inflation persistence.
  • Looking ahead, GDP data is due tomorrow, while the latest BoE/Ipsos inflation attitudes survey will cross Friday.

BoE Meeting

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SONIA futures flat to -3.0, moving back from yesterday’s late highs as Bunds pull away from best levels. 

  • BoE-dated OIS 1-4bp more hawkish. 3bp of cuts priced for this month, 28bp of cuts showing through Nov and 44bp of cuts priced through year-end.
  • Little to move the needle for the BoE in the latest labour market data. Click for our initial reaction to the release.
  • We will provide the usual post-data review in due course.
  • A reminder that the BoE has deemphasised the labour market data (in isolation) in recent months, focusing on a more overarching view of inflation persistence.
  • Looking ahead, GDP data is due tomorrow, while the latest BoE/Ipsos inflation attitudes survey will cross Friday.

BoE Meeting

Keep reading...Show less