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UK STIR A Little Flatter After CPI

STIR

Today’s local CPI data hasn’t provided an extension of yesterday’s labour/wage data-driven hawkish adjustment.

  • SONIA futures run -1 to +5 through the blues, with the strip twist flattening.
  • BoE-dated OIS runs flat to 3bp lower, as that strip also flattens.
  • A steady 32bp or so of tightening is showing for next month’s MPC, while terminal rate pricing is just below 6.00%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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