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XpertHR Wage Data Cushions SONIA


SONIA futures are flat to -1.5 through the blues, with light pressure seen on the back of the downtick in wider core global FI markets since yesterday’s close.

  • BoE-dated OIS is little changed to 1bp firmer, still showing ~75bp of cuts through ’24.
  • There is some offset from the downtick in the XpertHR data. The XpertHR chief told MNI that the data will boost hopes earnings growth will soon moderate to a pace that will make the BoE more comfortable in cutting Bank Rate this year.
  • Public finance data (the last such release before the Budget) wasn’t a needle mover, see our earlier bullet for more on that.
  • Looking ahead, the MNI event with BoE dove Dhingra highlights the domestic docket today, with lower tier data (CBI trends) also due.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
MNI London Bureau | +44 0203-865-3809 |

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