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Bull steepening in early trade

GILTS
  • Futures in a 50 tick range so far this morning, with the bottom of that range 150 ticks above yesterday's official close. The high on the open of 97.46 exceeded yesterday's intraday high (and was the highest since 6 October) and we are since back to around 96.20 at writing.
  • The curve has steepened, particularly 2s10s with 10s30s marginally steeper on the day.
  • 2y yields down -14.9bp today at 3.596%, 5y yields down -14.9bp at 4.069%, 10y yields down -10.2bp at 4.090% and 30y yields down -8.6bp at 4.458%.
  • 2s10s up 4.7bp today at 49.4bp and 10s30s up 1.6bp at 36.8bp.

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