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Bull Steepening

GILT SUMMARY

The gilt curve has bull steepened today on the back of the BoE decision.

  • The Bank of England monetary policy committee voted 9-0 to leave the bank rate and QE target unchanged. Nonetheless, the BoE sounded the alarm on rising coronavirus infections across Europe and indicated that negative rates are a possibility if the economy enters another downturn.
  • The Dec-20 gilt future has traded up to 136.68, 9 ticks off the day's high.
  • Cash yields are 3-6bp lower on the day with the short-end outperforming. Last yields: 2-year -0.1247% 5-year -0.1315%, 10-year 0.1712%, 30-year 0.7277%
  • The short sterling futures strip has flattened with greens/blues up 6.5-8.0 ticks.
  • Looking ahead, tomorrow sees the release of retail sales data for August.
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