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

SONIA: The front end of the Sonia curve is marginally steeper in early Tuesday

morning trade compared to Monday's close, as BRC like-for-like sales rise 0.6%

m/m in Dec thanks to a 4.2% rise in food sales as non-food drops 1.4%, largest

since March 2008. While PM May's reshuffle hits a few bumps in the road with

resignations and a refusal to move. Markets also digesting comments from Fed

officials last night. MNI PINCH calculate a 39% chance of a rate hike in May

2018 and a 100% chance or a hike in November of this year & see following levels

in short end Sonia:-

* 6-mth -0.1bp at 0.507%

* 9-mth unch at 0.549%

* 12-mth +0.2bp at 0.589%

* 15-mth +0.3bp at 0.621%

* 18-mth +0.3bp at 0.65%

* 21-mth +0.3bp at 0.677%

* 2-yr +0.3bp at 0.703%

* 3-yr +0.4bp at 0.791%