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Free AccessEarly curve flattening with Cunliffe's speech in focus today
- 10-year gilts opened higher, in line with the moves seen in 10-year Bunds overnight. 2-year gilt yields moved a little higher, however, in contrast to movements seen in UST and German curves. The curve has therefore flattened somewhat.
- The moves in 2-year gilt yields are also at odds with moves in SONIA futures, with the strip moving higher this morning (albeit less than the Euribor strip and only a couple of ticks).
- The main events on the calendar today are a speech by BOE Governor Bailey this morning at 10:05GMT (at a Stop Scams Conference so probably not touching on monpol). No text is scheduled to be released but there will be a Q&A.
- Probably more interesting will be Cunliffe's speech today at 15:00GMT / 16:00CET at the European Economics & Financial Centre, Distinguished Speakers Seminar. Note that Cunliffe was the sole dissenter at the March MPC meeting, voting to keep policy unchanged rather than raise rates by 25bp. The Minutes cited his concerns about the impact on household incomes of rising prices, particularly commodity prices. Any further detail detail will be watched, but it is unlikely he has enough sway over the other eight members of the MPC to stop or even slow the current tightening cycle.
- 2y yields up 1.9bp today at 1.384%, 5y yields up 1.0bp at 1.422%, 10y yields down -0.2bp at 1.605%, 30y yields down -0.3bp at 1.732%.
- 2s10s down -2.1bp today at 22.1bp, 10s30s down -0.1bp at 12.7bp.
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Why MNI
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