SONIA Either Side Of Flat In Low Volume, Non-Committal Pre-Gilt Trade

SONIA futures run little changed, printing +2.0 to -1.0 through the blues.

• Volume is particularly light to start the day.
• BoE-dated OIS contracts are essentially unchanged vs. closing levels.
• Overnight we saw the NIESR thinktank warn that Britain faces “a decade in the doldrums,” centred on poor growth and worsening regional inequality if the government does not increase public investment.
• Elsewhere, the latest REC-KPMG labour market report indicated continued caution re: hiring permanent staff as economic uncertainty swirls.
• Finally, a report from Adobe Digital Insights has outlined intentions for an increase in consumer debt via buy-now-pay-later schemes to facilitate Christmas spending, the latest instance of consumer headwinds.
• Today will see BoE Governor Bailey give a keynote address at the Central Bank of Ireland’s ‘Financial System Conference. He will speak on the topic of achieving good outcomes in an uncertain world.’