GILTS: Either Side Of Unchanged Early Today

Gilts outperform global peers across the curve, although that comes after yesterday’s widening vs. Bunds. Broader core global FI markets have stabilised in recent trade, with ranges remaining relatively contained.

• Futures last +12 at 98.52 (98.26-55 range).
• Cash gilt yields are 0.5-1.5bp lower across the curve, with some light outperformance in 10s.
• SONIA futures mostly reverse early modest losses alongside gilts, to trade little changed on the day.
• BoE-dated OIS moves back towards pricing ~70bp of ’24 cuts, also little changed on the day.
• U.S. data and Fedspeak from Powell provide the scheduled event risks of note through the remainder of the day, with the UK calendar empty.
• Tomorrow’s BoE DMP survey provides the next domestic focal point.