Standard step-ups now 'worthless' for SLBs
![modern businessman working close-up legs walking up the stairs in modern city. in rush hour to work in office a hurry. During the first morning of work. stairway. soft focus.](https://assets.euromoneydigital.com/dims4/default/e718805/2147483647/strip/true/crop/6240x4160+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb7%2Fd5%2Fe336c0ab4de6b10a149166234d2c%2Fadobestock-people-move-steps-full-size.jpeg)
Investors say a 25bp step-up for a missed target is irrelevant now that rates are higher
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