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2s30s flattening

  • In line with other core fixed income markest, we are seeing a bull flattening in the gilt curve today with 10-year gilt yields down 6.3bps (in line with the move seen in Bunds) but slightly smaller falls in the short-end than the German curve (therefore seeing more flattening than the German curve).
  • The 30-year yield has also seen a decent move off of yesterday's intraday high of 1.6533% (which was close to the 15 Feb high of the year at 1.6544%) and now stands at 1.515% at the time of writing, down 7.4bps on the day.
  • The UK manufacturing PMI was revised higher today from 57.3 to 58.0, but there was little market reaction.
  • There are no real UK-centric events scheduled for the rest of the day with Saunders and Mann both due to speak after the market close.
  • 2y yields down -4.1bp today at 0.989%, 5y yields down -5.0bp today at 0.997%, 10y yields down -6.3bp today at 1.345%, 30y yields down -7.4bp today at 1.514%
  • 2s10s down -2.2bp today at 35.6bp, 10s30s down -1.1bp today at 16.9bp

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