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A Little Firmer To Start, Bailey & Supply Eyed

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilts move higher alongside global peers, futures +17 at 97.75.

  • Yesterday’s sell off based at 97.50, leaving key support at 97.23 untouched and the bullish technical picture intact.
  • Cash gilt yields are 1.5-2.0bp lower across the curve.
  • SONIA futures -0.5 to +1.5 through the blues.
  • BoE-dated OIS is little changed vs. pre-gilt open levels flagged earlier.
  • The details of the minutes covering the DMO’s latest consultation can be found in our previous bullets.
  • We are due to hear from BoE Governor Bailey (18:00 London), as he gives a lecture at the LSE entitled “The importance of central bank reserves”.
  • This may not give us too much guidance on monetary policy, but we will be watching closely for any potential discussion of the future path of QT (click for our UK Deep Dive, where we discussed the outlook for QT. We think that there is a good chance that active sales continue, but at a slower pace from October).
  • CBI trends data and GBP2.25bn of 4.75% Oct-43 gilt supply are also due today.
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Gilts move higher alongside global peers, futures +17 at 97.75.

  • Yesterday’s sell off based at 97.50, leaving key support at 97.23 untouched and the bullish technical picture intact.
  • Cash gilt yields are 1.5-2.0bp lower across the curve.
  • SONIA futures -0.5 to +1.5 through the blues.
  • BoE-dated OIS is little changed vs. pre-gilt open levels flagged earlier.
  • The details of the minutes covering the DMO’s latest consultation can be found in our previous bullets.
  • We are due to hear from BoE Governor Bailey (18:00 London), as he gives a lecture at the LSE entitled “The importance of central bank reserves”.
  • This may not give us too much guidance on monetary policy, but we will be watching closely for any potential discussion of the future path of QT (click for our UK Deep Dive, where we discussed the outlook for QT. We think that there is a good chance that active sales continue, but at a slower pace from October).
  • CBI trends data and GBP2.25bn of 4.75% Oct-43 gilt supply are also due today.