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The front end of the Sonia curve is...........>

SONIA
SONIA: The front end of the Sonia curve is marginally flatter in early Thursday
morning trade compared to Wednesday's close as markets react to Fed FOMC policy
to raise rates but leave dot plot curve little changed. While domestic political
risks edge higher once more following governments defeat on an amendment to the
EU withdrawal Bill last night. Looking ahead there is UK retail sales at 0930GMT
and then BoE policy decision at 1200GMT. Majority of analysts see 9-0 vote to
leave rates/QE on hold. MNI PINCH calculate a 46.5% chance of a rate hike in May
2018 & see following levels in short end Sonia:-
* 6-mth unch at 0.502%
* 9-mth unch at 0.541%
* 12-mth -0.1bp at 0.577%
* 15-mth -0.1bp at 0.608%
* 18-mth -0.2bp at 0.636%
* 21-mth -0.2bp at 0.665%
* 2-yr -0.2bp at 0.692%
* 3-yr -0.4bp at 0.779%

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