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FOLLOWING TSYS

GILT SUMMARY

Gilts have sold off this afternoon, in line with peer sovereign bonds in the wake of comments from Fed Chair Powell who indicated a willingness to tolerate higher inflation as a result of adopting an average inflation target.

  • Having a hit a session high of 136.55, the Sep-20 gilt future subsequently traded down to 135.96 and is now 8 ticks off the day's low.
  • Cash yields are now back above yesterday's closing levels, with the longer end of the curve underperforming. Last yields: 2-year -0.0197%, 5-year 0.0119%, 10-year 0.3084%, 30-year 0.8942%.
  • Short sterling futures have edged higher by 0.5-1.5 ticks across whites/reds/greens.
  • Looking ahead, BoE Governor Andrew Bailey is scheduled to speak at Jackson Hole tomorrow at ~1400BST.
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