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Gilts Challenging Trendline Resistance

GILT SUMMARY
  • Gilts have been on the front foot today and at the time of writing were challenging trendline resistance from the August 4 high which comes in at 135.86. A convincing break of this level would see focus return to the August 24 high of 136.43.
  • Several MPC members have made public appearances today (ongoing at writing) but these comments have not really changed the narrative. Governor Bailey reiterated that the BOE underestimated the headroom that the MPC had to act (as he also said at Jackson Hole). Ramsden said that the pace of QE could be increased significantly noting that the pace in March was much higher than now. Vlieghe has said there is a "material risk" that it "could take several years" to return to full capacity.
  • Gilt futures are up 0.88 today at 135.92 with 10y yields down -6.0bp at 0.233% and 2y yields down -1.1bp at -0.117%.
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