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Bear flattening as oil price moves higher

  • The announcement of the cuts in oil output by OPEC+ has seen gilts move lower, largely in line with other core fixed income this morning. The curve has bear flattened as more hikes from the BOE are priced in.
  • 2-year yields are up 8.6bp at writing with 10-year yields up 6.4bp.
  • Pricing for the May MPC meeting is at 19bp (down from an intraday high of 21bp but up from the 17.5bp Friday close). The terminal rate has also moved up to a cumulative 46bp by September (from Friday's close of 41bp).

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