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BoE Comments Underpin Short-End Sell Off

GILT SUMMARY

The gilt curve has flattened sharply on the back of short-end yields pushing higher following BoE commentary on inflation, while the longer end has firmed alongside the broader global risk-off theme.

  • Comments from the BoE's Andy Haldane on the risk of being complacent about inflation, triggered a self-off in the short end of the gilt curve earlier in the day. Short-end yields are 2bp higher on the day, while longer-end yields are 3-4bp lower. The 2s30s spread is 4bp narrower. last yields: 2-year 0.1106%, 5-year 0.3804%, 10-year 0.7960%, 30-year 1.3524%.
  • The Jun 21 gilt future trades at 127.94, 19 ticks off yesterday's low.
  • Former leader of the SNP and first minister Alex Salmond today appeared before a Scottish parliamentary committee and accused public prosecutors of attempting to block key evidence into how the government investigated harassment allegations against him. The dispute between the former and current SNP leaders poses a risk for the party heading into Scottish parliamentary election in May, and with it the prospect of another independence referendum.
  • The DMO earlier sold GBP3.5bn of 1-/3-/6-month bills.
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