CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GILTS: Pulling Back Alongside Peers, Still Outperforming Post-Bailey

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts also pull back given the weakness in wider core global FI markets, with U.S. data weighing during the NY morning.

  • Futures never got anywhere near closing yesterday’s move lower and have traded as low as 98.15. Contract last +17 at 98.25.
  • The bearish technical threat in the contract remains evident despite today’s shallow uptick, although the prospect of a swifter BoE rate cutting cycle could change things.
  • Yesterday’s low (97.97) provides initial support, while bulls really need to overcome the Oct 1 high (99.47) to start turning the technical tide more in their favour.
  • Yields 4.5bp lower to 1bp higher, curve twist steepens.
  • 10s still 6bp tighter vs. Bunds after Bailey's dovish comments, reversing some of the recent widening which resulted in fresh '24 wides for the spread on Wednesday.
  • Comments from BoE’s Pill due tomorrow, see recent STIR comment for greater colour on that event.
143 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Gilts also pull back given the weakness in wider core global FI markets, with U.S. data weighing during the NY morning.

  • Futures never got anywhere near closing yesterday’s move lower and have traded as low as 98.15. Contract last +17 at 98.25.
  • The bearish technical threat in the contract remains evident despite today’s shallow uptick, although the prospect of a swifter BoE rate cutting cycle could change things.
  • Yesterday’s low (97.97) provides initial support, while bulls really need to overcome the Oct 1 high (99.47) to start turning the technical tide more in their favour.
  • Yields 4.5bp lower to 1bp higher, curve twist steepens.
  • 10s still 6bp tighter vs. Bunds after Bailey's dovish comments, reversing some of the recent widening which resulted in fresh '24 wides for the spread on Wednesday.
  • Comments from BoE’s Pill due tomorrow, see recent STIR comment for greater colour on that event.