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BONDS: EGBs-GILTS CASH CLOSE: Gilt Yields Widen Vs Bunds Again Pre-BoE

BONDS
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The Gilt sell-off continued Wednesday as BoE rate cut pricing diminished yet again.

  • While UK CPI data was largely in line, follow through from Tuesday's strong wage data saw implied BoE rate cuts diminish below 50bp for 2025. A hold is still the overwhelming base case for Thursday's decision.
  • The effects continued to be felt through the curve, and the 10Y Gilt/Bund spread extended to another post-1990 wide (231bp). 10Y Gilt yields closed 0.5bp below the 2024 high close.
  • The UK curve bear steepened though the 10Y segment, with Germany's twist steepening.
  • Periphery / semi-core EGB spreads were mixed.
  • Attention after the cash close is on the Federal Reserve meeting, while Thursday's focus will be the Bank of England decision - MNI's preview is here.

Closing Yields / 10-Yr EGB Spreads To Germany

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The Gilt sell-off continued Wednesday as BoE rate cut pricing diminished yet again.

  • While UK CPI data was largely in line, follow through from Tuesday's strong wage data saw implied BoE rate cuts diminish below 50bp for 2025. A hold is still the overwhelming base case for Thursday's decision.
  • The effects continued to be felt through the curve, and the 10Y Gilt/Bund spread extended to another post-1990 wide (231bp). 10Y Gilt yields closed 0.5bp below the 2024 high close.
  • The UK curve bear steepened though the 10Y segment, with Germany's twist steepening.
  • Periphery / semi-core EGB spreads were mixed.
  • Attention after the cash close is on the Federal Reserve meeting, while Thursday's focus will be the Bank of England decision - MNI's preview is here.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less