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2-Year Yields Testing Double Bottom Ahead Of Pill

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Core global FI markets have continued their move higher, with gilt futures now through initial resistance (98.27). Further extension would allow bulls to target the June 25 high (98.92), with the recent bearish theme at risk.

  • Cash gilt yields are 3.5-6.5bp lower, with 10s leading the rally.
  • 2-Year yields have printed below their March/June double bottom (4.096%) but need to force a more convincing break to expose the Dec ’23 low (3.964%).
  • Yields further out the curve have failed to challenge their respective June lows.
  • This afternoon’s comments from BoE chief economist Pill present the focal point of this week’s UK calendar, in our view (greater details are provided in several instances earlier in the day).
Fig. 1: UK 2-Year Gilt Yield (%)

Source: MNI - Market News/Bloomberg


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Core global FI markets have continued their move higher, with gilt futures now through initial resistance (98.27). Further extension would allow bulls to target the June 25 high (98.92), with the recent bearish theme at risk.

  • Cash gilt yields are 3.5-6.5bp lower, with 10s leading the rally.
  • 2-Year yields have printed below their March/June double bottom (4.096%) but need to force a more convincing break to expose the Dec ’23 low (3.964%).
  • Yields further out the curve have failed to challenge their respective June lows.
  • This afternoon’s comments from BoE chief economist Pill present the focal point of this week’s UK calendar, in our view (greater details are provided in several instances earlier in the day).
Fig. 1: UK 2-Year Gilt Yield (%)

Source: MNI - Market News/Bloomberg