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GILT SUMMARY: Gilts pretty much remained in upper range in London afternoon
session and look to close Monday modestly higher, with the 5-year to 10-year
part of the yield curve seen outperforming late on. Volume has been low though
as markets await key Bank of England MPC monetary policy decision on Thursday.
- 2-yr Gilt yield is -1.3bp at 0.453%, 5-yr -2.1bp at 0.779%, 10-yr -2.2bp at
1.334% and 30y -1.6bp at 1.911% according to Tradeweb.
- The major move higher was seen in the morning session supported by weekend
press reports that Jerome Powell is likely to be chosen by Trump as the next Fed
Chair and then softer than expected German regional flash inflation data.
- There was a slight fade as BoE mortgage approvals and better than expected net
consumer credit weighed, but come the afternoon, prices ticked higher once more
as pan-German HICP came in even lower than expectations.
- Prices faded once more following tick higher in US personal spending and
Dallas Fed mfg activity, but the movement only brought in extra buyers, pushing
Gilts back up towards session highs.
- 2-yr Swap spreads are 2.7bp wider at 39bps, but remainder are little changed.