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As 5-yr and 10-yr Gilts continue to squeeze...>

SONIA
SONIA: As 5-yr and 10-yr Gilts continue to squeeze higher, the front end of the
Sonia market is little changed with MNI PINCH still seeing the market pricing in
around a 85% chance of a 25bp rate hike in November and a second 25bp rate hike
in August. While 1y1y Sonia forward is only 2.6bp lower at 78.5bps.

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