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Futures Show Above Yesterday's High As NYCB Worry Returns


Gilt futures look through yesterday’s high (98.18).

  • Worry surrounding troubled U.S. bank NYCB dominates as pre-market U.S. equity indications are seen and broader equity markets come under pressure.
  • This more than counters any impact from UK/European data.
  • Futures last +5 at 98.14 (range of 97.42-98.21).
  • A fresh move higher would expose the Feb 27/26 highs (98.26/98.53), with the latter representing key short-term resistance.
  • Cash gilt yields are 1-2bp higher, light bull steepening seen.
  • SONIA futures are flat to +2.0 through the blues.
  • BoE-dated OIS shows 66bp of cuts through ’24 after testing 60bp earlier.
  • Comments from BoE’s Pill are due this afternoon, although he has spoken on several occasions in recent times.
  • Fiscal speculation remains evident ahead of next week’s Budget (expect our full preview early next week).
  • Discussions surrounding incoming BoE Deputy Governor Lombardelli also remain evident.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
MNI London Bureau | +44 0203-865-3809 |

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