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SONIA futures open up to 22 ticks higher

SONIA
  • The SONIA strip saw the Dec-22 contract spike up to 95.255 shortly after the open (a 25.5 tick rally) - we are now up 21.5 ticks at 95.215.
  • The terminal rate is now between 5.50% and 5.75% - with the Jun-23 contract up 19 ticks to 94.365 at writing.
  • These moves follow the reversal of the decision to cut the 45% tax rate for people earning over GBP150,000.

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