SONIA Little Changed To Firmer, BoE's Mann Sticks To Hawkish Script

Core global bond futures are a little above levels seen at the time of yesterday’s SONIA settlement levels.

• That leaves SONIA futures flat to +2.5 on the day.
• The FT has released coverage of yesterday’s speech from BoE’s Mann.
• The hawk stuck to script, pointing to disproportionate spending by wealthy individuals, resulting in stickier services inflation.
• Elsewhere, speculation re: the Budget remains evident, with suggestions that Chancellor Hunt may remove 'non-dom' tax benefits.
• Such a move is part of an apparent list of fiscal options, although FT sources believe Hunt would only act if “official fiscal forecasts deteriorated over the next few days and further limited his room for Budget tax cuts.”
• Money supply and spending data headlines a limited local calendar on Thursday, but shouldn’t move markets.
• Final manufacturing PMI and comments from BoE chief economist Pill are due tomorrow.