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Gilts have rallied strongly today......>

GILT SUMMARY
GILT SUMMARY: Gilts have rallied strongly today and the curve has bull flattened
ahead of this evening's FOMC meeting.
- The Sep-20 gilt future trades at 136.17 near the top of the day's range and 3
ticks off the high.
- Cash yields are 4-7bp higher on the day. Current yield levels: 2-year -0.040%,
5-year 0.0347%, 10-year 0.2836%, 30-year 0.6655%.
- The DMO earlier sold GBP900mn of the 0.125% Nov-36 linker.
- The BoE purchased GBP1.5bn each of short-/medium-/long-term gilts.
- Reflecting growing unease on the prospects of an EU-UK trade deal by the end
of the transition period, the EU's chief Brexit negotiator Michel Barnier has
warned that the UK demands 'a lot more' than the EU offers to others. There are
also some rumours that the EU could suggest an extension given the current
difficulties in negotiating a trade deal.

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