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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GILTS
- The front-end of the gilt curve has seen yields rise above yesterday's ECB-driven moves.
- 2-year gilt yields hit a high of 1.888% around 20 minutes ago, before falling around 1bp from here.
- Markets continue to increase expectations of future BOE hikes following the ECB's decision to keep the door open to hikes of greater than 25bp from September. At the time of writing markets were pricing around 186bp of further BOE hikes by February 2023 (over 6 meetings) with 70bp priced by August (2 meetings).
- UK inflation expectation data moved higher this morning, but probably no more than would really be expected given the moves higher in spot inflation following the implementation of the consumer energy price cap increase in April.
- Longer-term yields have moved off their highs of yesterday, however, but still remain close to cycle highs.
- US CPI later today has the potential to see another externally-driven move in gilt markets.
- Next week will be a big one for the UK with the release of April activity data Monday, labour market data Tuesday, retail sales data Friday, and the highlight being the MPC meeting - with the decision due Thursday.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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