BoE-dated OIS remain little changed to 10bp less dovish through November ’25, with the bulk of the adjustments coming around the open.
- That leaves 23bp of cuts priced for November ’24, 36bp of cuts showing through year-end and 95bp of easing priced through June ’25.
- SONIA futures have recovered from session lows after most contracts registered the lowest levels seen since July/August during this morning’s sell off, last flat to -9.0.
- UK headline flow has been very limited since the open, with wider core global FI markets remaining under pressure, limiting any dovish moves in GBP STIRs.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Nov-24 | 4.722 | -22.9 |
Dec-24 | 4.589 | -36.1 |
Feb-25 | 4.379 | -57.1 |
Mar-25 | 4.262 | -68.8 |
May-25 | 4.092 | -85.8 |
Jun-25 | 4.008 | -94.2 |
Aug-25 | 3.889 | -106.1 |
Sep-25 | 3.835 | -111.5 |
Nov-25 | 3.800 | -115.0 |
