STIR: 90bp Of BoE Hikes Showing Through June; Energy Swings Remain Key

{GB} STIR: Some light dovish adjustments in GBP STIRs in the time since yesterday's settlement with energy prices holding lower after the U.S. signalled "very positive" talks with Iran. * BoE-dated OIS is flat to 1bp more dovish on the day, showing 21bp of tightening for November, 36bp through year-end and 92bp through June. A reminder that over 120bp of tightening was priced through June last week. * SONIA 0.5-4.0 firmer. SFIM7 & Z7 are 27.0 off last week's lows. * Flash PMI data is due today, but we continue to place greater weight on the BoE's own surveys. * Brightmine's latest wage data found that pay awards in the three months to August were unchanged at 3.0%. Further out, the firm's pay awards forecast survey found that a "median 3% pay award [is expected] over the next 12 months, with 71% of predicted awards between 3% and 4%". This doesn't signal risk of runaway inflationary pressure stemming from wages, which will provide some comfort to the BoE. * Expect cross-market inputs to drive the GBP short end for much of the day, with ongoing focus on the situation in the Middle East. ------------------------------------------------------------------------------- BoE Meeting SONIA