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Bear Steepening

GILT SUMMARY

Gilts have sold off through the afternoon and the curve has bear steepened.

  • Cash yields are now 4-6bp higher on the day with the curve 2-3bp steeper. Last yields: 2-year 0.0543%, 5-year 0.352%, 10-year 0.815%, 30-year 1.3308%.
  • The Sep- 21 gilt future trades at 127.02, 3 ticks off the day's low.
  • Health Secretary Matt Hancock earlier warned that it was too early to tell whether the government would be able to go ahead with the scheduled June 21 reopening.
  • PM Boris Johnson has rejected sensational claims made by former advisor Dominic Cummings, who was yesterday giving evidence in a parliamentary hearing concerning the government's handling of the coronavirus crisis.
  • Looking ahead, the only data release of note will be the Lloyds Business Barometer update for May.
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