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10/30-year yields remain near highs while 2-year yields dislocated from SONIA

GILTS
  • 2-year gilt yields remain around 26bp lower on the day, but still some 11bp off the lows seen earlier this morning (despite SONIA futures pricing in a lower terminal rate and moving back closer to the day's highs).
  • 10-year gilts yields showing more dislocation from SONIA As they move to their highs of the day (down just 5bp from yesterday's close now), but still 7bp off of yesterday's highs.
  • 30-year gilt yields made new highs today of 4.732%, but are around 7bp off of that level at the time of writing.
  • Pill's comment at 14:35BST remain the market's focus.

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