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STIR: Small Hawkish Moves In BoE Pricing, 37.5bp Of Cuts Priced Through Dec

STIR
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GBP STIRs see hawkish adjustments this morning, easing further away from yesterday’s risk-off extremes alongside wider core global FI markets.

  • BoE-dated OIS show 23.5bp of cuts for November, 36.5bp of cuts through December and 117bp of cuts through June ’25.
  • Pricing covering meetings through mid-’25 are 0.5-3.5bp less dovish vs. yesterday's closing levels.
  • SONIA futures little changed to -3.5.
  • The BoE will release the minutes from its FPC meeting this morning, but that shouldn’t be a market mover.
  • That will leave focus on wider cross-market moves and headlines from the Middle East.

BoE Meeting

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GBP STIRs see hawkish adjustments this morning, easing further away from yesterday’s risk-off extremes alongside wider core global FI markets.

  • BoE-dated OIS show 23.5bp of cuts for November, 36.5bp of cuts through December and 117bp of cuts through June ’25.
  • Pricing covering meetings through mid-’25 are 0.5-3.5bp less dovish vs. yesterday's closing levels.
  • SONIA futures little changed to -3.5.
  • The BoE will release the minutes from its FPC meeting this morning, but that shouldn’t be a market mover.
  • That will leave focus on wider cross-market moves and headlines from the Middle East.

BoE Meeting

Keep reading...Show less