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Curve Flattening Into Weekend

GILT SUMMARY

The gilt curve has flattened through the day, largely on the back of the short end trading weaker.

  • Short/medium yields are 2bp higher on the day while long and very long-end yields are 1bp lower, with the curve 2-3bp flatter. Last yields: 2-year 0.0862%, 5-year 0.3566%, 10-year 0.7483%, 30-year 1.2735%.
  • The Jun 21 gilt future trades at 128.47, near the top end of the day's range and 7 ticks off the high.
  • The DMO earlier sold GBP3.5bn of 1-/3-/6-/month bills.
  • Looking ahead, next week sees the release of monthly GDP, industrial production, construction output, index of services and international trade data for January.
  • BoE Governor Andrew Bailey is due to speak on Monday about the economic outlook for a webinar organised by the Resolution Foundation.

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