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GILTS: Weaker As BoE's Pill Hawkish Compared To Bailey

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts see a modest sell off as BoE chief economist Pill sounds more hawkish than Governor Bailey did yesterday.

  • Zooming out, Pill sounds a little less hawkish when compared to some of his recent comments, but we aren’t sure he will support the idea of a cut in November, let alone sequential moves through year-end (see previous bullet for greater colour).
  • Gilt futures 97.94 last, bears haven’t challenged session lows at 97.86 post-Pill.
  • Yields 2.5-4.0bp higher, bear flattening.
  • BoE-dated OIS ~1bp less dovish. 24bp of cuts priced for November, 41bp of cuts priced through December and 117bp of cuts showing through June.
  • SONIA futures back near/at session lows, last flat to -6.5.

BoE Meeting

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Gilts see a modest sell off as BoE chief economist Pill sounds more hawkish than Governor Bailey did yesterday.

  • Zooming out, Pill sounds a little less hawkish when compared to some of his recent comments, but we aren’t sure he will support the idea of a cut in November, let alone sequential moves through year-end (see previous bullet for greater colour).
  • Gilt futures 97.94 last, bears haven’t challenged session lows at 97.86 post-Pill.
  • Yields 2.5-4.0bp higher, bear flattening.
  • BoE-dated OIS ~1bp less dovish. 24bp of cuts priced for November, 41bp of cuts priced through December and 117bp of cuts showing through June.
  • SONIA futures back near/at session lows, last flat to -6.5.

BoE Meeting

Keep reading...Show less