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GILTS: A Little Lower To Start, Inflationary Risks Eyed, Pill Due

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts weaker alongside peers.

  • Futures -24 at 94.07, contract well within yesterday’s range, trading 93.99-94.23 early today.
  • Initial support and resistance at 92.53/94.73, bearish technical theme intact.
  • Yields 1-3bp higher, curve flatter. Benchmark yields 9-16bp off October/November highs.
  • An uptick in Kantar supermarket grocery price inflation has been seen (up to +2.3% Y/Y from +2.0%).
  • This reading will get more attention than usual in the coming months given the growing NI costs of supermarkets post-Budget and potential for that to feed into higher food prices (supermarkets have already warned of those risks).
  • Comments from BoE’s Pill due shortly. See earlier STIR bullet for greater colour on the panel appearance.
  • On the supply front, GBP2.25bln of the 4.75bln Oct-43 gilt will be sold this morning.
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Gilts weaker alongside peers.

  • Futures -24 at 94.07, contract well within yesterday’s range, trading 93.99-94.23 early today.
  • Initial support and resistance at 92.53/94.73, bearish technical theme intact.
  • Yields 1-3bp higher, curve flatter. Benchmark yields 9-16bp off October/November highs.
  • An uptick in Kantar supermarket grocery price inflation has been seen (up to +2.3% Y/Y from +2.0%).
  • This reading will get more attention than usual in the coming months given the growing NI costs of supermarkets post-Budget and potential for that to feed into higher food prices (supermarkets have already warned of those risks).
  • Comments from BoE’s Pill due shortly. See earlier STIR bullet for greater colour on the panel appearance.
  • On the supply front, GBP2.25bln of the 4.75bln Oct-43 gilt will be sold this morning.