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Free AccessBear Flattening Apparent On Labour Market Data, Previous 2-Year Yield High Breached
This morning’s firmer than expected UK labour market data has seen 2-Year yields look through their mini-Budget multi-year high, with an earlier lack of follow through there limiting the move from progressing further before cheapening kicked back in.
- The curve has bear flattened, with benchmark UK yields running 1.5-9bp higher. Gilt futures are 55-60 ticks softer on the day.
- The BoE-dated OIS strip has shunted higher but terminal rate pricing remains comfortably shy of mini-Budget-related extremes (see our earlier bullet for more on that front).
- The SONIA strip sees as much as 18bp of cheapening through the reds at typing.
- Outside of the data, the last few days have seen all 4 of the biggest UK mortgage lenders revoke offers from the market in short order, before already delivered/pending hawkish repricing.
- This afternoon’s scheduled comments from BoE dove Dhingra will receive extra scrutiny given this morning’s data, while comments from BoE Governor Bailey and newcomer Greene (both in front of parliamentary bodies, with Greene appearing in front of the TSC for her confirmation hearing) will also be eyed.
- The latest round of Gilt issuance is also due today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.