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GILT SUMMARY: Gilts opened little changed with a lack of direction seen
overnight and markets seen waiting for key Bank of England MPC monetary policy
decision on Thursday, but have since faded lower with the 10-year Gilt yield now
0.2bp higher at 1.358% compared to Friday's close.
- Markets seem to taking the latest Wall Street Journal article that says Trump
is likely to name Jerome Powell as next Fed chair in their stride. 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 uncertainty around Brexit.
- Looking ahead to today though, BoE mortgage approvals and M4 money supply for
September are released at 0930GMT. While markets will also be keeping an eye on
German flash CPI data and then US personal income/spending and PCE core data.
- Markets are expecting the BoE to raise rates for the first time in 10-years on
Thursday, but the question remains what the size of the majority will be and if
they indicate rates will need to continue to rise in the future.