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Comfortably Off Highs, Still Outperforming Cross-Market

GILTS

Gilt futures stabilised around their initial post-U.S. CPI low at 99.80, after trading either side of 100.00.

  • The contract last prints +27 at 99.88, with the short-term bullish technical theme intact.
  • Cash gilt yields are 2-4bp lower, with some light bull steepening seen once again.
  • 10-Year yields briefly moved below 3.90% around the U.S. data before recovering to ~3.94% last.
  • Tomorrow’s UK releases include the monthly economic activity data, although today’s labour market report is more meaningful for monetary policy settings.
  • The continued softening of the UK labour market has promoted cross-market outperformance for gilts today.
  • The market remains centred on August re: the timing of the first BoE rate cut.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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