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Subdued Start To BoE Day For UK STIR Markets, 33bp Of Tightening Priced

STIR

SONIA futures start BoE day in narrow ranges, running 0.5bp cheaper to 1.5bp richer, flattening through the reds on very light volume, while BoE-dated OIS is little changed to 2bp softer on the session, showing 33bp of tightening for today’s decision and a terminal policy rate of just under 5.85%. A quick reminder that the recent run of tier 1 data has facilitated a sharp pull back from hawkish cycle extremes in BoE pricing, as well as leaving 45 of the 61 economists surveyed by BBG looking for a 25bp hike later today (the remainder look for a 50bp move). Click for our full preview of the impending monetary policy decision.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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