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What's priced in

BOE
  • UK STIR markets have stabilised somewhat after this morning's speech by Bailey in which he was non-committal towards any future rate hikes and in which he said that economic data has progressed broadly as he expected.
  • 24bp priced for March, this had moved to as high as 29bp this morning following the early higher-than-expected German state CPI data.
  • 44bp cumulatively priced by May down from a peak of 54bp seen both dat and yesterday.
  • 57bp cumulatively by June (from 68bp this mornig).
  • Peak of 73bp now seen by November (down from 91bp in December this morning).
  • The curve then starts to invert.

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