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EGB/Gilt: BoE Follows Fed With Another Hike

BOND SUMMARY

European government bond curves have steepened this morning, largely on the back of the short-end rallying. Equities are broadly higher, while the dollar is on the front foot against G10 FX.

  • Following yesterday's 50bp policy rate hike from the Fed, the Bank of England this morning lifted the bank rate by a further 25bp to 1.00% as expected.
  • The gilt curve has bull steepened with cash yields down 1-5bp and the 2s30s spread widening 4bp.
  • The ECB's Philip Lane this morning stated that the jump in energy prices is a major macroeconomic shock and that it is unlikely that inflation will revert to the previous below-target inflation trend.
  • The bund curve has twist steepened with the 2s30s spread trading up 6bp.
  • The OAT curve has similarly twist steepened with the 2s30s spread widening 5bp.
  • BTPs hve rallied with the short end outperforming and the curve 5bp steeper.
  • Supply this morning came from France (OATs, EUR10.999bn) and Spain (Bono/Oblis/Obli-Ei, EUR5.606bn).
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