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Broadly in line with yesterday's levels

SONIA
  • SONIA futures have opened largely in line with their end-of-day levels, but are above their official closing levels.
  • After drifting higher through yesterday's session, SONIA futures took another leg higher after the official close following the Bank of England long-dated conventional purchase results - in which no offers were rejected, and the Bank even bought above the prevailing mid-price going into the auction.
  • Relative to the official closing level Whites and Reds are up to 8 ticks higher on the day, with Reds up to 14.5 ticks higher since Tuesday's close.
  • Market pricing for the November MPC meeting has been relatively stable with around 110bp priced. The terminal rate continues to hover aroudn the 5.50-5.75% level.
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