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30-year yields steady as yields across the rest of the curve rise

GILTS
  • Gilt futures have opened lower following the announcement that the Bank of England would press ahead with active gilt sales from 1 November (and following the maringally higher than expected CPI print this morning).
  • However, the Bank's confirmation that they would not sell any long-dated (20+ year) gilts in Q4-22 has seen 30-year yields flat on the day, and hence a decent flattening in 10s30s.
  • 2y yields up 6.0bp today at 3.586%, 5y yields up 6.8bp at 3.942%, 10y yields up 7.0bp at 4.012% and 30y yields down -0.3bp at 4.296%.
  • 2s10s up 1.0bp today at 42.6bp and 10s30s down -7.3bp at 28.4bp.

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