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2s10s most inverted for at least 3 months

GILTS
  • Gilts continue to move off their lows of the day but curves continue to remain flatter.
  • The 2s10s curve for example had been around parity and slightly positive over the first couple of days of the week but briefly moved below -15bp, and continues to trade around the -15bp level at the time of writing. This is the most inverted it has been since a roll at the end of February.
  • Even 5s30s has moved from around 53bp yesterday to hit a low of 40bp this morning (and we continue to remain around that level). We haven't traded below this level since mid-March (other than intraday).

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