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Curve Continues To Steepen

GILT SUMMARY

The gilt sell-off has intensified through the day with the curve continuing to bear steepen.

  • Cash yields are at the very long-end are 8-9bp higher on the day. Last yields: 2-year 0.0438%, 5-year 0.3100%, 10-year 0.7725%, 30-year 1.4065%.
  • The Jun-21 gilt future trades at 128.22, towards the bottom end of the day's range (L: 127.83 / H: 129.00).
  • BoE Governor Andrew Bailed stated that economic scarring from the Covid pandemic will be limited. MPC Jonathan Haskel earlier indicated that more support may be needed to meet the inflation target and noted that there were 'substantial' downside risks to consumer spending.
  • The cable rally has lost some momentum, but remains supported above 1.41 in the near term.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 2.80x.
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