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GILTS: Off Highs, Sideways For Last Few Hours

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilt futures last +37 at 94.43, holding onto around half of its early rally.

  • Contract has mimicked price action in wider core global FI markets over the last few hours, trading sidewards after the pullback from highs
  • Futures last +38 at 94.43 vs. highs of 94.90.
  • Yields ~5bp lower across the curve in a parallel shift, with early, modest steepening pared.
  • BoE pricing and SONIA futures largely in line with levels we flagged in our most recent updates, 21bp of easing priced for February, 30bp priced through March and 76bp priced through December ’25.
  • A reminder that we currently view cuts in both February and May as the most likely outcome, with markets moving closer to our view in recent days.
  • Today’s data adds dovish risks to the ’25 rate path, at least in isolation.
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Gilt futures last +37 at 94.43, holding onto around half of its early rally.

  • Contract has mimicked price action in wider core global FI markets over the last few hours, trading sidewards after the pullback from highs
  • Futures last +38 at 94.43 vs. highs of 94.90.
  • Yields ~5bp lower across the curve in a parallel shift, with early, modest steepening pared.
  • BoE pricing and SONIA futures largely in line with levels we flagged in our most recent updates, 21bp of easing priced for February, 30bp priced through March and 76bp priced through December ’25.
  • A reminder that we currently view cuts in both February and May as the most likely outcome, with markets moving closer to our view in recent days.
  • Today’s data adds dovish risks to the ’25 rate path, at least in isolation.