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Following the Leaders

GILT SUMMARY
  • Gilts have taken a bit of a backseat today, following the leads of Bunds and Treasuries.
  • Media coverage has continued to focus on politics with Brexit negotiations seemingly stalling as the UK want to focus on issues that are simpler and can be resolved while leaving the elephants in the room until later, but the EU wanting to focus more time and energy on the harder negotiations.
  • In addition to Brexit, the fiscal stance is under the spotlight following weekend headlines surrounding tax hikes to corporation tax, pensions and capital gains tax and potential changes to the "triple lock" state pension that is guaranteed to rise at least 2.5% each year.
  • Tomorrow monetary policy will come back into focus with appearances from five MPC members. Governor Bailey, Ramsden and Vlieghe will testify before the Treasury Select Committee, kicking off at 14:00BST. While this event continues Broadbent will give the keynote speech at the CEBRA Annual meeting followed by Bank Chief Economist Haldane chairing a panel beginning at 1630BST.
  • Gilt futures are down -0.18 today at 134.83 with 10y yields up 1.6bp at 0.326% and 2y yields down -0.5bp at -0.83%.
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