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Front End Firms Further, BoE Tightening Pricing Eases

GILTS

The lack of pre-commitment surrounding further policy tightening from BoE Governor Bailey, along with the flagging of welcome inflation developments and Bailey reiterating that he is more confident that inflation will fall later this year than previously, provides further support to the UK short end.

  • BoE Deputy Governor Ramsden then follows that up with a reference to data dependence, while Governor Bailey stresses that policy rates are now restrictive and having an impact.
  • BoE-dated OIS now sits 8-10.5bp below pre-decision levels, with terminal policy rate pricing moving below 5.75%. Cash Gilts run 12.5bp richer to 5bp cheaper as the curve twist steepens, while Gilt futures re-test their initial BoE reaction highs.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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