Flat Start, BoE’s Mann To Speak Later

G Z4 +12 at 98.92.

• Initial resistance at yesterday’s high (99.21), support at yesterday’s low (98.54).
• Over 80% of the quarterly futures roll is complete, first notice for U4 is tomorrow.
• Yields ~1.5bp lower across the curve.
• BoE hawk Mann will appear on a panel discussing “The Value of Economic Research for Policy” (13:15 London). There is no live streaming of the event.
• Don’t expect much new from Mann today (more to come on that in later bullets).
• BoE comments have refrained from signalling a need for back-to-back cuts, stopping the market from fully discounting sequential easing at meetings through early ’25 (~40bp of cuts currently priced through year end).
• Oil swings will continue to be eyed, given spill over into FI markets in recent weeks.
• On the supply front, the DMO will sell GBP1.5bn of 0.75% Nov-33 I/L.