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Moving lower again

SONIA
  • SONIA markets are a bit whippy this morning, having opened lower, then moving higher but now have ground lower once again with Reds up to 2.5 ticks lower on the day and Greens up to 3.5 ticks lower.
  • This puts the change in the Dec24 SONIA contract at 16.0 ticks lower than Wednesday's close at writing (but still 26.5 ticks higher compared to a week ago).
  • Market pricing seems to have stabilized for the August MPC meeting around the 36bp mark with terminal rate pricing now around 94bp by February 2024.

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