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Bear Steepening

GILT SUMMARY

Gilts have traded weaker through the day and the curve has bear steepened, mirroring the moves in USTs

  • Cash yields are 1-5bp higher on the day with the curve 4bp wider. Last yields: 2-year -0.1363%, 5-year -0.0591%, 10-year 0.2812%, 30-year 0.8670%.
  • The Mar-21 gilt future trades at 134.49, 6 ticks off the day's low.
  • The short sterling futures strip has steepened with whites/reds down 0.5-2.0 ticks and greens/blues down 2.5-5.0 ticks.
  • The data calendar was light today with just the December UK construction PMI, which indicated continued expansion of activity in the industry (54.6 vs 54.7 in November).
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