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UK STIR Markets Await Comments From BoE Hawk Mann

STIR

The wider core global FI bid seen on the RBNZ decision & Aussie CPI prints has started to fade.

  • Bunds sit a touch below levels seen at yesterday’s SONIA settlement window.
  • SONIA futures are flat to 2.0bp lower through the blues as a result, volumes are light.
  • BoE-dated OIS is little changed, with 60bp of cuts priced through ’24.
  • The first 20bp cut is ~92% priced for the end of the Aug ’24 MPC.
  • Local headline flow continues to be dominated by Budget speculation, with a focus on limited room for fiscal easing.
  • Comments from BoE hawk Mann headline Wednesday’s UK calendar.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Mar-245.200+1.2
May-245.164-2.4
Jun-245.089-9.9
Aug-244.956-23.2
Sep-244.848-34.1
Nov-244.700-48.9
Dec-244.588-60.0
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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