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Bear flattening following labour market data

GILTS
  • Gilts continue to underperform the German and UST curve after the stronger than expected labour market data this morning.
  • The curve has bear flattened, led by a sell-off at the front-end with 2-year yields up 10.2bp at writing to 1.324% with 10-year yields up 8.0bp (so the 2s10s curve flattening by 2.3bp to 48.4bp).
  • It remains a big week for data in the UK with inflation data due tomorrow morning and then GfK consumer confidence and retail sales data both due Friday.
  • Today we will hear from BOE Deputy Governor Cunliffe in a fireside chat with the Wall Street Journal, it is unclear if there will be any discussion of monetary policy.
  • Political posturing surrounding the NI Protocol continues, with the potential for the UK government to lay out more detail proposals to override it possibly coming as soon as today (or later this week).
  • 2y yields up 10.2bp today at 1.324%, 5y yields up 9.7bp at 1.454%, 10y yields up 8.0bp at 1.809% and 30y yields up 6.8bp at 2.043%.
  • 2s10s down -2.3bp today at 48.4bp and 10s30s down -1.1bp today at 23.5bp.
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