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A Touch Softer To Start

GILTS

Gilt futures trade either side of late Tuesday levels, last -12 at 98.27 (98.26-51).

  • Cash gilt yields are ~1.5bp higher across the curve.
  • SONIA futures are 0.5-2.5 lower through the blues, while BoE-dated OIS shows ~68.5bp of cuts through ’24.
  • Local headline flow has been very light since yesterday’s close.
  • Today’s local calendar is virtually empty, which will leave focus on wider macro events (EUR CPI & U.S. ISM services survey/ADP employment).
  • The BoE’s DMP survey provides the next meaningful domestic risk event (09:30 Thursday 4 April), with the wage and inflation components set to come under the most scrutiny.
  • Gilt supply resumes on Thursday, with the DMO set to come to market with GBP3.75bn of the on-the-run 10-year 4.625% Jan-34 gilt.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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