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Double-Bottom Shapes Up As BoE Hike Pricing Fades Again

GILTS
In a similar move to yesterday, Gilt futures have touched a 100.94 low and rebounded ~100 ticks in late afternoon. G H3 has just moved through Thursday's high of 100.92 to a session high of 101.98.
  • Once again it's come as intraday BoE terminal rate expectations have retreated from the peak.
  • Today's high was above 4.73% implied for September's meeting (up 10bp on the day), following Mann's comments this morning, but that's retraced about 6bp alongside the broader global yield pullback this afternoon.

March 23 Gilt Future Price, IntradaySource: BBG, MNI

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