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EGB/Gilt - BoE delivered its 50bps hike

BONDS
  • EGBs and Bund have rallied this afternoon, led by the UK and the BoE rate decision.
  • The Central Bank delivered the expected 50bps hike to 1.75%, but noted that the country will be entering into recession from the 4th Quarter.
  • They forecast inflation over 13% and the economy to shrink 2%.
  • Semi core in Europe led the way, pushing peripheral spread tighter, but off their respective lows at the time of typing.
  • Portugal/Bund spread edged towards 100.00, now at 101.03, with next support seen at 99.14bps, printed on Monday.
  • This is also the tightest level since 21st April.
  • For core, OAT/Bund now trades at lowest (tightest) level since the start of July, at 54.4bps.
  • Support is seen at the July low 52.99.
  • For the Gilts, the UK The 2s10s curve inverted for the first time since 2019., following the grim forward growth outlook for the country.
  • Gilt and Bund are still trading in line, and the spread is flat on the session.
  • Looking ahead, Fed’s Mester discusses the Economic outlook, but all the attention is now on the US NFP tomorrow.
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