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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
STIR
BoE-dated OIS continues its tick away from the dovish extremes registered around yesterday’s BoE decision, which is promoting some bear flattening on the Gilt curve. ~23.5bp of tightening is showing for next month’s decision, while terminal policy rate pricing has regained the 5.85% mark after showing below 5.75% around the BoE decision.
- Post-decision press interviews with BoE Governor Bailey saw him reaffirm the higher for longer narrative re: rates, while the Bank remained relatively non-committal when it came to the prospect of further rate hikes, outside of noting that it will tighten policy further if the data indicates that such a move is warranted.
- A quick reminder that BoE chief economist Pill will speak with BoE agents at the top of the hour.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Sep-23 | 5.417 | +23.5 |
| Nov-23 | 5.588 | +40.6 |
| Dec-23 | 5.706 | +52.4 |
| Feb-24 | 5.772 | +58.9 |
| Mar-24 | 5.791 | +60.9 |
| May-24 | 5.781 | +59.9 |
| Jun-24 | 5.743 | +56.1 |
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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