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Ending QE Early Would Be Hawkish... Right?

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ING Now Sees March Hike, Keeps At Least 4 In 2022

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SONIA
SONIA: The front end of the Sonia curve is modestly flatter in early Monday
morning trade compared to Friday's close as the Wall Street Journal also says
that Trump is likely to name Jerome Powell as next Fed chair. While in the UK
the institute for Fiscal Studies says that the Chancellor is between "a rock and
a hard place" as he prepares his Budget. Looking ahead there is UK BoE mortgage
approval and M4 money supply data at 0930GMT. MNI PINCH see markets pricing a
89% chance of a 25bp rate hike in Nov 2017 and following levels in BoE forward
dated Sonia:-
* Nov-17 unch at 0.435%
* Dec-17 -0.1bp at 0.447%
* Feb-18 -0.1bp at 0.542%
* Mar-18 unch at 0.547%
* May-18 -0.4bp at 0.627%
* Jun-18 -0.6bp at 0.63%
* Aug-18 -0.6bp at 0.687%
* Sep-18 -0.5bp at 0.692%
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