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***The BoE forward dated SONIA curve has......>

SONIA
SONIA: ***The BoE forward dated SONIA curve has bear steepened, raising the
probability of a rate rise this year. MIN PINCH now see market pricing in a 48%
chance of a 25bp rate hike in November, up from 41% seen prior to BoE
announcement, with the first full hike now priced in Feb 2018, up from May 2018.
*Month.......Prob 25bps Hike
*-----.......---------------
*November%.....48% vs 41.0%
*December......56% vs 47.0%
*February.....104% vs 81.5%
*March........101% vs 80.5%
*May..........127% vs 98.5%
*June.........129% vs 99.5%
*August.......150.5% vs 115.5%

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