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/SONIA: Huge moves following Mann's speech

GILTS
  • Mann wrapping up the Q&A now. So SONIA curve moved up to 11 ticks lower for the Jun-22 contract following her comments (14 ticks overall today).
  • Gilt yields at the short-end (out to about 7-years) hitting new cycle highs as the curve bear flattens further. 2-year yields up 11.0bp on the day now to 1.68% at the time of writing. 10-year yields up 6.1bp ato 1.975% at writing but below Tuesday's high of 1.999% (with the psychological 2% level providing a barrier).
  • Remember that Mann was already one of the more hawkish members of the MPC having hawkishly dissented in both November and February, so even if she votes for 50bp it doesn't mean the rest of the MPC will.
  • Market will now look ahead to Bailey at 17:30BST as he speaks on monpol and the economy in a discussion with the Peterson Institute.
  • 2y yields up 11.3bp today at 1.680%, 5y yields up 9.9bp at 1.748%, 10y yields up 6.1bp at 1.975%, 30y yields up 2.9bp at 2.093%
  • 2s10s down -5.2bp today at 29.5bp, 10s30s down -3.2bp today at 11.8bp.
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