Fresh Lows For Yields Out To 10s

Yields 4-10bp lower on the day as the BoE press conference concludes, with the front end leading the move.

• Governor Bailey’s suggestion that bank rate returning to around neutral levels is the most likely outcome facilitated a fresh bid, which then extended on the U.S. data.
• Yields out to 10s hit fresh session lows.
• The next level of interest in 2s comes in at May ’23 low (3.674%).
• 10-Year yields have just breached their Mar 22 low (3.904%).
• 2s10s moves within 2bp of ’24 highs, while 5s30s registers the highest level seen since mid-January.
• Gilt futures eye a retest of session highs (99.99).