September 17, 2024 06:46 GMT
STIR: Over 50bp Of BoE Cuts Still Priced Through Year-End
STIR
Cross-market cues remain at the fore for GBP rates.
- Event risk set to ramp up over the next couple of days, with domestic CPI & the latest Fed decision due tomorrow, followed by the BoE decision on Thursday.
- SONIA futures +3.0 to -0.5 this morning.
- BoE-dated OIS little changed to 2bp more dovish, showing ~5bp of cuts for this week’s MPC, ~53.5bp of cuts through year-end and ~143bp of easing through June ’25.
- Upticks in equities and crude oil help limit any dovish moves in core global FI markets early today.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference Vs. Current Effective SONIA Rate (bp)
Sep-24
4.903
-4.7
Nov-24
4.617
-33.3
Dec-24
4.419
-53.1
Feb-25
4.141
-80.9
Mar-25
3.901
-104.9
May-25
3.660
-129.0
Jun-25
3.523
-142.7
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