Tight Ranges For GBP STIRs, Just Under 55bp Of '24 Cuts Still Priced

GBP STIRs continue to stick to a tight range, sitting a little off hawkish session extremes, with gilts off session lows.

• SONIA futures are flat to -4.0.
• Meanwhile, BOE-dated OIS shows ~12.5bp of easing through the June meeting and ~54bp of cuts through year end. ’24 contracts are little changed to ~1bp firmer on the day.
• Outgoing BoE Deputy Governor Broadbent was relatively non-committal on the monetary policy front earlier today, pointing to the potential for a summer cut. A reminder that he will only vote at one more MPC meeting before his career at the Bank comes to an end.
• Broader moves in wider core global FI have impacted the space today, although activity has been hampered by the Whit Monday holiday in Europe and a lack of macro news flow.