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BOE denies active sales plan is postponed, destroying calm in gilt market

BONDS
  • We had been seeing (by recent standards at least) a relatively benign session for core FI. However, just before 10:00BST the BOE officially denied the FT story this morning. This caused gilt futures to fall almost 100 ticks from 96.96 to a low of 95.97. Over half of this move has since been retraced but this still leaves 10-year gilt yields 6bp higher on the day.
  • Bund and Treasury futures had been slowly trending lower through the European morning session with both below their lows of yesterday (but still above Friday's lows). The moves in Treasuries simply retraced the moves higher in Asian trading.
  • Looking ahead we have US industrial production data at 14:15BST / 9:15ET.
  • We also have speeches from ECB's Makhlouf, Schnabel and Nagel as well as Fed's Bostic.
  • TY1 futures are down -0-3 today at 110-19+ with 10y UST yields up 0.9bp at 4.021% and 2y yields up 0.8bp at 4.453%.
  • Bund futures are down -0.54 today at 136.34 with 10y Bund yields up 5.8bp at 2.323% and Schatz yields up 3.9bp at 1.981%.
  • Gilt futures are down -0.64 today at 965.59 with 10y yields up 6.2bp at 4.029% and 2y yields up 5.5bp at 3.594%.
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