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UK STIRs A Little Off Hawkish Session Extremes

STIR

SONIA futures generally sit a little off of hawkish session extremes, running +0.5 to -6.5, with the reds under the most pressure and SFIZ3 outperforming. BoE-dated OIS contracts also sit a little off recently registered hawkish session extremes, showing flat to 5.5bp firmer on the day. ~140bp of cuts now show through ’24.

BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Feb-245.196+0.9
Mar-245.123-6.3
May-244.952-23.4
Jun-244.718-46.8
Aug-244.444-74.2
Sep-244.181-100.5
Nov-243.939-124.7
Dec-243.789-139.7
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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