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X-asset market reaction post-BOE release

BOE
  • Just summarising those market moves now the dust has settled a bit. Around 2bp taken out of cut pricing for May (now 11.4bp priced) with around 5bp removed for 2024 as a whole (109bp). Moves in SONIA Reds limited to 7 ticks lower - with moves in Greens/Blues now 3-6 ticks lower on the day.
  • Gilt futures down around 40 ticks from around 100.00 with 2-year yields up around 8bp since the decision at writing at 4.303% and 10-year around 3.5bp higher at 3.825%
  • GBPUSD is up around 25 pips to 1.2669 at writing, but still lower on the day.

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