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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GILTS
The UK 2s10s spread is now at 36.4bp, a reversal from a 40bp+ inversion in late September, and back to July 1 levels.
- The last time UK 2s10s steepened this much in a single session (22.8bp today) was March 2009 - the bottom of the global equity bear market.
- It's a very different situation now versus then of course, with the re-steepening today occurring due to a continued sell-off of the long-end, versus 2009 when 2Y yields were below 1.5% and headed toward zero amid easy BoE policy.
- And even a further steepening today would still pale next to the 121bp steepening on Sept 17th 1992, the day after Black Wednesday - see chart.
1-day bp change in UK 2s10sSource: BBG, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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