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Bull flattening

GILTS

The gilt curve is bull flattening today, with the move largely being seen in a flattening of the 5s20s curve with a parallel shifter further out.

  • This is largely just retracing some of the moves seen yesterday which were larger than those seen in Bunds or gilts (hence the outperformance of gilts today).
  • The political undertone has not really been moving markets - Prime Minister Johnson continues to have the cloud of the "party" during lockdown hanging over his head.
  • 2y yields down -0.8bp today at 0.823%
  • 5y yields down -1.3bp today at 0.993%
  • 10y yields down -2.5bp today at 1.164%
  • 30y yields down -3.5bp today at 1.272%
  • 2s10s down -1.7bp today at 34.1bp
  • 10s30s down -1.0bp today at 10.8bp
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