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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 terminal policy rate pricing consolidates above the 6.50% mark after a brief foray beyond 6.60%. The fresh hawkish cycle extremes come alongside strip steepening as the higher for longer narrative becomes more embedded. The combination of worry re: local issues, (caveated) warnings re: potential end points for the BoE tightening cycle, the recent momentum and a lack of meaningful receiver-side flow has biased pricing higher this week.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| Aug-23 | 5.390 | +46.0 |
| Sep-23 | 5.793 | +86.3 |
| Nov-23 | 6.136 | +120.6 |
| Dec-23 | 6.331 | +140.1 |
| Feb-24 | 6.422 | +149.2 |
| Mar-24 | 6.437 | +150.7 |
| May-24 | 6.426 | +149.6 |
| Jun-24 | 6.386 | +145.6 |
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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