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2-year yields up 29bp following MPC meeting

GILTS
  • Huge moves continue in gilts as the market continue to reassess the near-term path for the BOE.
  • Markets now pricing in 59bp for the August MPC meeting, 107bp by September (cumulatively), 154bp by November and 231bp by March 2023.
  • Gitl futures hit a low of 109.89 and are now back to 110.31 at writing. Next support is at 109.6, the 4.5 projection of the May 19 - 24 - 26 price swing.
  • 2y yields up 29.0bp today at 2.238%.
  • 5y yields up 25.7bp today at 2.314%.
  • 10y yields up 23.0bp today at 2.695%.
  • 30y yields up 18.6bp today at 2.827%.
  • 2s10s down -6.0bp today at 45.7bp, 10s30s down -4.5bp today at 13.1bp.


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