November 29, 2024 07:42 GMT
STIR: Still Under 80bp Of BoE Cuts Priced Through Dec '25
STIR
Continued demand for core global FI sees SONIA futures tick higher this morning, contracts last flat to +3.0.
- BoE-dated OIS little changed to 2bp more dovish vs. closing levels, last showing just under 30bp of cuts through March and ~78bp of cuts through December ’25, recent ranges intact.
- UK headline flow remains muted, which when coupled with a limited domestic calendar, should leave macro and cross-market cues at the fore into the weekend.
BoE Meeting |
SONIA BoE-Dated OIS (%)
Difference vs. Current Effective SONIA Rate (bp)
Dec-24
4.685
-1.5
Feb-25
4.491
-20.9
Mar-25
4.405
-29.5
May-25
4.246
-45.4
Jun-25
4.164
-53.6
Aug-25
4.062
-63.8
Sep-25
4.013
-68.7
Nov-25
3.946
-75.4
Dec-25
3.917
-78.3
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