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UBS Recommend Receiving SONIA 1y1y

STIR
HomepageBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

UBS recommend receiving SONIA 1y1y.

  • They reason that “despite better-than-expected growth so far this year, UK GDP growth still lags behind the pre-pandemic trend. Combined with still restrictive monetary and fiscal policies, this should continue to exert downward pressure on inflation and wages over time.”
  • They attribute the recent low beta of SONIA vs. SOFR & EUR STIRs to a cautious MPC (when it comes to rate cuts) and UK economic resilience.
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UBS recommend receiving SONIA 1y1y.

  • They reason that “despite better-than-expected growth so far this year, UK GDP growth still lags behind the pre-pandemic trend. Combined with still restrictive monetary and fiscal policies, this should continue to exert downward pressure on inflation and wages over time.”
  • They attribute the recent low beta of SONIA vs. SOFR & EUR STIRs to a cautious MPC (when it comes to rate cuts) and UK economic resilience.