Bond and equity markets have been......>

BOND SUMMARY: Bond and equity markets have been fairly directionless so far

today with little movement outright or on curves.

- This morning's gilt auction saw the DMO sell nominal gilts at a negative yield

for the first time ever. The 0.75% Jul-23 gilt sold at an average yield of

-0.003%. There will be focus this afternoon on the MPC members testifying to the

TSC. There has been a lot of focus on negative policy rates following comments

over the past week or so and today will be a chance to reset expectations of

future policy.

- The FOMC Minutes will be the main story of the North American session with the

Fed's Bostic and Bullard both due to speak too.

- TY1 futures are up 0-2 today at 138-29+ with 10y UST yields up 0.7bp at 0.697%

and 2y yields up 0.4bp at 0.170%.

- Bund futures are down -0.04 today at 172.66 with 10y Bund yields up 0.3bp at

-0.462% and Schatz yields up 0.5bp at -0.678%.

- Gilt futures are up 0.18 today at 137.74 with 10y yields down -1.2bp at 0.232%

and 2y yields down -0.2bp at -0.31%.