GILTS: Widening Vs. Peers On Comments From BoE's Greene

The comments from BoE’s Greene weigh on gilts, with spreads widening vs. peers across the curve.

• Gilt futures print as low as 97.12.
• Bears now look to round number support at 97.00, which protects the Feb 29 low and bear trigger (96.83).
• The belly leads the move, with yields 5.0-7.5bp higher across the curve.
• 2s10s and 5s30s flatten but remain within the ranges seen in recent weeks.
• STIRs extend the early hawkish move.
• SONIA futures last 0.5-12.0bp lower. SFIZ4 moves to the lowest level seen since late November and sits 3bp above key support at the 23 Nov low.
• BoE-dated OIS shows ~50bp of ’24 cuts.
• The BoE’s credit conditions survey is due this morning, although the latest ECB decision and U.S. PPI reading are set to garner more attention.
• BoE’s Greene will speak at 17:30 London, covering “lessons learnt from the last economic crisis.”