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STIR: Tuesday's Late Dovish Move Holds, 41bp Of BoE Cuts Priced Through Dec

STIR
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BoE-dated OIS is little changed vs. late Tuesday levels, showing 27bp of cuts through November, 41bp of cuts through year-end and 128bp of easing through June ’25.

  • A reminder that the soft U.S. consumer confidence data (including its labour market indicators) countered Tuesday’s initial China stimulus-driven hawkish repricing ahead of the close.
  • SONIA futures little changed vs. levels seen late yesterday, flat to +2.5.
  • Bund & TY futures also trade around late Tuesday levels, recovering from Asia lows.
  • BoE hawk Greene will speak today (09:00 London).
  • This follows last week’s softening in tone from fellow hawk Mann.
  • Although neither Greene nor Mann’s vote should be needed for the November cut that we expect, another less hawkish speech could point to a wider softening of the BoE’s tone when it comes to the fight against inflation.
  • Governor Bailey already sounded a little more dovish on inflation in comments published on Tuesday.

BoE Meeting

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BoE-dated OIS is little changed vs. late Tuesday levels, showing 27bp of cuts through November, 41bp of cuts through year-end and 128bp of easing through June ’25.

  • A reminder that the soft U.S. consumer confidence data (including its labour market indicators) countered Tuesday’s initial China stimulus-driven hawkish repricing ahead of the close.
  • SONIA futures little changed vs. levels seen late yesterday, flat to +2.5.
  • Bund & TY futures also trade around late Tuesday levels, recovering from Asia lows.
  • BoE hawk Greene will speak today (09:00 London).
  • This follows last week’s softening in tone from fellow hawk Mann.
  • Although neither Greene nor Mann’s vote should be needed for the November cut that we expect, another less hawkish speech could point to a wider softening of the BoE’s tone when it comes to the fight against inflation.
  • Governor Bailey already sounded a little more dovish on inflation in comments published on Tuesday.

BoE Meeting

Keep reading...Show less