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GILT SUMMARY: Gilts are trading higher with the curve shifting lower by around
1.5bps, however volume is very light though as markets await key Bank of England
MPC monetary policy decision on Thursday.
- 2-yr Gilt yield is -1.3bp at 0.453%, 5-yr -1.6bp at 0.784%, 10-yr -1.6bp at
1.34% and 30y -1.3bp at 1.914% according to Tradeweb.
- Gilts opened little changed but then squeezed higher in light volume, more
then likely supported by weekend press reports that Jerome Powell is likely to
be chosen by Trump as the next Fed Chair. While UK the institute for Fiscal
Studies says that the Chancellor is between "a rock and a hard place" as he
prepares his Budget in 3-weeks time. The IFS said that Hammond may have to
abandon his target for getting rid of the deficit as he will need to cut
productivity growth and the economy will grow less quickly due to uncertainty
- In-line BoE mortgage approvals and better than expected net consumer credit
then weighed on Gilts, however they remained in upper range.
- Swap spreads and breakevens are little changed so far Monday.