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SONIA Strip Bear Steepens As Core Global FI Sells Off Again

STIR

The weakness in wider core global FI markets results in bear steepening of the SONIA strip in pre-gilt trade.

  • That leaves contracts on the strip running flat to 9.5bp cheaper through the blues.
  • There hasn’t been any notable movement in the BoE-dated OIS strip, with liquid contracts there sitting within 1bp of Tuesday’s closing levels, essentially flat on the day.
  • Local headline flow has focused on fiscal scene setting and PM Sunak’s impending address at the Conservative Party conference.
  • Final services & composite PMI data and a magazine interview with BoE Governor Bailey present the highlights of today’s domestic economic docket.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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