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Bull Steepening

GILT SUMMARY

The early morning sell-off in gilts has reversed in the afternoon with the curve bull steepening.

  • Cash yields are 2-4bp lower on the day with the front end of the curve outperforming. Last yields: 2-year -0.1509%, 5-year -0.1109%, 10-year 0.1820%, 30-year 0.7337%.
  • The Mar 21 gilt future trades at 135.60, 8 ticks off the day's high.
  • The European Commission has urged EU members states to reverse travel bans against the UK. The French and British governments continue to negotiate on reopening the border.
  • Data published earlier in the session showed an improvement to the final estimate of Q3 GDP (16.0% Q/Q vs an initial read of 15.5%).
  • The BoE's Andy Haldane has argued that it is not time for the government to end its job support programme.
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