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Gilt Curve Flattens Heading Into BoE

BOND SUMMARY

The gilt curve has flattened heading into the midday BoE decision, while EGBs have broadly traded weaker alongside a soft dollar.

  • The Bank of England decision is due at the top of the hour. No major change in policy is expected, but the vote composition will be closely watched to see whether there are any further dissenters joining Haldane in calling for a reduction in the QE target.
  • The short end of the gilt curve has weakened a touch with the 2-year yield up 1bp while the longer end trades marginally below yesterday's close.
  • German IFO data for June came in slightly stronger than expected and comes on the heels of yesterday's robust preliminary PMI prints for the same month.
  • Bunds have weakened and the curve has marginally bear steepened with the 2s30s spread 1bp wider.
  • OATs are similarly soft, while trading near yesterday's closing levels.
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