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Biggest Drop In 30-Yr Yld Since April 2020


In a blow to continued curve steepening, the 30-Yr Gilt yield dropped 9.3bps today - the biggest fall since April 2020 (see chart below). The long-end's rally accelerated in the afternoon after a very low offer-to-cover in BoE asset purchase operation for long-term Gilts. 5s30s have now dropped an impressive 20bps from the peak last week, and have erased all the steepening since Feb 4.


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