May 09, 2024 11:59 GMT
2-Year Yields To Fresh Multi-Week Lows
GILTS
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BoE Governor Bailey flags the prospect for deeper easing than markets currently price over the coming quarters, while reaffirming his view on differences between UK & U.S. inflation.
- Still, he stresses that the Bank doesn’t hold any preconceptions and will come to a new judgment at each meeting.
- The former is enough to press 2-Year gilts to fresh multi-week lows, although the move isn’t particularly pronounced and fades a little.
- Gilt futures haven’t retested the spike highs that came on the back of the initial BoE decision, while GBP STIR pricing is roughly in line with levels flagged in our previous update.
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