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EGB/Gilt: Bailey Stresses That Rates Will Head Higher

BOND SUMMARY

EGBs have continued to firm this morning with gilts leading the way.

  • Despite pulling back from an immediate rate hike, BoE Governor Andrew Bailey has stressed that interest rates will need to rise in the coming months to head of rising inflation.
  • Gilts have rallied with yields down 4-7bp. Short sterling futures are 0.5-3.5 ticks lower in whites > blues.
  • Speaking earlier today, the ECB's Guindos stated that while transitory price pressures were lasting longer than expected, so far there are no 'important' second round effects.
  • Gains in bunds have been more uneven across the curve with clearer direction at the longer end. The curve is 4bp flatter on the day.
  • The OAT curve has similarly flattened with the 2s30s spread 4bp narrower.
  • BTPs have traded mixed and close to flat on the day.
  • US NFP comes in to focus later today alongside scheduled speeches from the ECB's Panetta and Centeno as well as the BoE's Ramsden, Pill and Tenreyro.
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