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2/5-year yields remain close to the day's highs

GILTS
  • 2-year yields continue to hover around their day highs (which printed 4.5781% at 11:05BST / 6:05ET). For reference we closed Thursday at 1.7102% - so that is over we are 287bp higher in the space of less than one and a half trading sessions.
  • It's a similar story for 5-year gilts, with yields around 4.2bp off the day's highs - seen at a similar time to 2-year gilt yields - and up 47bp on the day.
  • 10-year gilts have not moved back to the highs seen shortly after the open and are now around 9.5bp off those highs (but still up 27bp on the day.
  • It's a similar story for 30-year yields: around 10bp off the day's highs of 4.369%.
  • Note that from the Sep-23 gilt through to the 2060 gilt, yields remain above 4%.
  • The moves are all on continued concerns on the fiscal side, gilt supply and the prospects for MPC hiking to offset further inflationary pressures.
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