30-year yields at 3-year highs; 10-year yields back to pre-BOE levels

Gilts are underperforming Bunds and Treasuries. However, unlike 10-year Bunds yields which have broken to their highest levels since November 2018 and 2-year Treasuries which have seen yields break above 2%, it is the longer-end of the gilt curve that is moving to new highs (in yield terms). 10-year gilts have merely moved back to the levels they were prior to the BOE meeting (up 12.0bp on the day).

• The 10-year yield is the part of the curve that has moved the most, with 2-year yields up 8.8bp today and 30-year yields up 10.0bp on the day.
• 30-year yields are now at their highest levels since January 2019.
• 2y yields up 8.8bp today at 1.286%
• 5y yields up 11.1bp today at 1.347%
• 10y yields up 12.0bp today at 1.615%
• 30y yields up 10.0bp today at 1.841%
• 2s10s up 3.2bp today at 32.9bp
• 10s30s down -2.0bp today at 22.6bp