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2-year gilts underperforming

GILTS
  • In line with the tone across core fixed income this morning, gilts have moved lower as risk appetite recovers.
  • 10-year gilts are largely moving in line with Bunds but 2-year gilts are underperforming, with the UK curve seeing more of a parallel shift versus the flattening seen in the German (and US) curves.
  • Political stories continue to abound in the UK press. The morning press highlights are on a delegation from the US led by Richie Neal, Ways and Means Committee Chair, to visit Brussels, Dublin, London and Belfast regarding the NI Protocol; Jeremy Hunt not ruling out entering a Tory leadership race; and plans by the government to cut up to 90k civil service jobs, to get back to pre-Brexit levels of civil service employment. None of these stories are particularly market moving, however.
  • 2y yields up 7.7bp today at 1.236%, 5y yields up 8.2bp at 1.376%, 10y yields up 8.3bp at 1.742% and 30y yields up 8.8bp at 2.007%.
  • 2s10s up 0.6bp today at 50.6bp; 10s30s up 0.5bp at 26.5bp
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