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2-year gilts now flat on the day

GILTS
  • 2-year gilt yields are trading close to flat on the day, reversing the earlier dip in yields seen earlier in the session. This is in contrast to the moves seen in both Schatz and 2-year USTs, both of which have seen lower yields today.
  • 10-year gilt yields remain around 1.5bp lower on the day, again seeing smaller moves than 10-year Bunds or USTs.
  • There is little specific UK news driving markets today, with the construction PMI disappointing (but volatile and unlikely to be a driver as it remains uncorrelated with official construction data).
  • Tomorrow's US employment data will be important for gilts, despite the market being closed until Tuesday, with next week seeing monthly activity data for February due for release on Thursday with an MNI Connect event with BOE Chief Economist Huw Pill set for later on Thursday. To register for the event click here.
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