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Dragged around by EGBs

GILTS
  • Gilts continue to be dragged around by moves in EGBs today with 10-year yields down 8.5bp - marginally less than the 8.8bp move in Bunds. The 10-year sector has been the pivot point in today's moves with 2s10s flattening but 10s30s steepening (despite the weak 30-year auction this morning).
  • The domestic focus remains on tomorrow's inflation print (preview here) but for the remainder of the day, it looks as though gilt moves will continue to be driven by EGBs.
  • 2y yields down -6.6bp today at 5.082%, 5y yields down -7.4bp at 4.474%, 10y yields down -8.5bp at 4.343% and 30y yields down -7.2bp at 4.481%.
  • 2s10s down -1.9bp today at -0.73.bp and 10s30s up 1.3bp at 13.8bp.
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