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Another huge move higher for yields as 10-year hits 1.50%

GILTS

Some huge moves in gilts today with a decent steepening of the curve with 10-year gilt yields up 9.2bp at the time of writing on the day. This puts them above 1.50% for the first time since 2018. This has happened against the backdrop of the syndicated launch of a new 50-year gilt and a political cabinet reshuffle. The chart below shows the entire curve has shifted substantially higher since before the February MPC meeting. Indeed, the magnitude of the move since the December MPC meeting (most of the curve seeing yields 50-60bp higher) is stark.




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