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Further Furlough

GILT SUMMARY

Gilt yields inched lower today and the curve has bull flattened.

  • Cash yields are within 2bp of yesterday's closing levels. Last yields: 2-year -0.033%, 5-year -0.037%, 10-year 0.270%, 30-year 0.842%.
  • The Dec-20 gilt future trades at 135.50, near the middle of the day's range (L:135.33/ H: 135.71)
  • The DMO earlier sold GBP1.75bn of 1-/3-/6-month bills.
  • Data published earlier today showed a slower than expected pace of economic growth in August (2.1% M/M vs 4.6% survey).
  • Chancellor of the Exchequer Rishi Sunak has outlined a new furlough scheme in which workers will be paid 2/3 of their salary if their employer closes due to coronarivus lockdowns. The move comes as the government is expected to introduce tougher restrictions in northern England, where infections have been rising.
  • Looking ahead, next week will see the release of claimant count data for September and employment/wage data for August.
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