After the speculation through the......>

GILT SUMMARY: After the speculation through the morning session that the BoE may

announce an emergency rate cut as soon as today, 10y gilt yields hit record

lows. However when it became clear there would be no cut today, yields moved off

their lows.

- This afternoon, BoE Governor-elect Andrew Bailey testified ahead of the

Treasury Select Committee but said very little relevant to current monetary

policy. He said that the BoE has to be nimble and that the coronavirus was

evolving very fast. He also said that it was reasonable to expect supply chain

financing may be needed to help firms struggling with coronavirus impacts.

- The UK services PMI this morning had no market reaction, and was revised down

0.1 points to 53.2.

- Gilt futures are up 0.28 today at 136.20.

- 2y yields down -3.3bp at 0.191%, 5y yields down -2.0bp at 0.241%, 10y yields

down -2.6bp at 0.362%, 30y yields down -2.1bp at 0.891%

- 2s10s up 0.7bp today at 17.1bp, 10s30s up 0.4bp today at 52.8bp