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Up to 18 ticks higher

SONIA
  • Big moves higher on the SONIA open with the curve flattening in the Whites and up to 18 ticks higher for Reds.
  • After remaining steady around 110bp for some days, pricing for the November meeting finally moved below 100bp yesterday and now stands at around 97bp.
  • Markets continue to look for 197bp by year-end, however, but this had been in excess of 200bp previously.
  • The terminal rate is also now below 5.50% - in line with the lows seen yesterday as headlines emerged that parts of the mini-Budget would be reversed.
  • Euribor futures being dragged higher by the moves in SONIA too, with Reds up to 16.5 ticks higher on the day.
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