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Curve Flattens Ahead of FOMC

GILT SUMMARY

The gilt curve has flattened during the day on the back of the long-end firming and the short end inching higher.

  • The 2s30s spread is 2bp narrower on the day. Last yields: 2-year 0.0814%, 5-year 0.3317%, 10-year 0.7481%, 30-year 1.2643%.
  • The Sep 21 gilt future trades at 127.76, near the top end of the day's range (L: 127.44 / H: 127.84).
  • Data published this morning showed inflation accelerating faster than expecting with headline CPI increasing 2.1% Y/Y in May vs 1.8% consensus.
  • The DMO earlier sold GBP2.5bn of the 0.625% Jul-35 Gilt. A further GBP618.75mn was taken up through the PAOF.
  • The BoE purchased GBP1.147bn of medium-date gilts with offer-to-cover of 3.14x.
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