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BoE Conducts Survey On NIRP Readiness

GILT SUMMARY

It has been a relatively uneventful session for gilts in light of the lack of data/news headlines and the US public holiday.

  • Gilts have marginally firmed with cash yields 1bp lower on the day. Last yields: 2-years -0.0342%, 5-year -0.0392%, 10-year 0.2661%, 30-year 0.8464%.
  • The Dec-20 gilt future trades at 135.56, near the top end of the day's range (L: 135.37 / H: 135.58).
  • The Bank of England has written to financial institutions in the UK asking about their ability to deal with negative interest rates. While this may be cited as evidence that the Bank is gearing up for further policy rate cuts, it could also just reflect the Bank's own analytical work into the efficacy of NIRP.
  • The BoE purchased GBP1.473bn of short-dated gilts with offer-to-cover of 4.3x.
  • Looking ahead, tomorrow sees the release of claimant count data for September and employment/earnings data for August.
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