Broadly following core FI moves this morning

Gilts broadly following wider core fixed income lower this morning, and we have now fully retraced the moves in 10-year yields following yesterday's lower-than-expected gilt remit announcement.

• 2-year yields are approaching yesterday's highs while 5-year yields have surpassed them but remain almost 8bp below the mid-February highs.
• 10-year yields remain below Tuesday's highs by 1.5bp while 30-year yields are 2.5bp below Tuesday's high.
• Later today MPC member Catherine Mann will be one of seven panellists at an IIF event entiteled "The Costs, Risks, and Rewards of the Net-Zero Transition". She is unlikely to address near-term monetary policy at the event.
• Despite the big moves in gilts today, the curve is still generally outperforming Treasuries and Bunds.
• 2y yields up 5.9bp today at 1.397%, 5y yields up 7.4bp at 1.469%, 10y yields up 7.8bp at 1.703%, 30y yields up 6.6bp at 1.912%.
• 2s10s up 1.9bp today at 30.6bp, 10s30s down -1.2bp at 20.9bp.