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Curve Bear Flattens

GILTS

The initial post-CPI sell off in gilt futures is relatively limited, with SONIA futures off lows and ’24 extremes in Bunds holding.

  • Contract last -14 at 96.15 (96.09-30 range).
  • Initial support remains at yesterday’s low (96.03), with bears holding technical control.
  • Cash gilt yields are 0.5-4.5bp higher, with the front end leading the move as 2-Year yields move to the highest levels seen since thew late Feb benchmark roll.
  • SONIA futures have continued to move away from early session lows, last flat to -7.5.
  • BoE-dated OIS shows ~37bp of ’24 cuts, after a look below 35bp in the wake of today’s CPI data.
  • Further BoE speak from Bailey, Greene & Haskel is scheduled today.
  • Elsewhere, GBP3.75bn of 4.00% Oct-31 gilt supply is due.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

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