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Holding Most Of Early Rally, Bernanke Review Eyed

GILTS

Gilt futures are off best levels but hold onto most of their gains, last +60 at 97.70 (97.22-77 range).

  • Yesterday’s opening gap lower in the contact was closed, with bulls now eying a break of the Mar 15 low (98.05). We remind that the bearish technical backdrop remains in place for the contract.
  • Cash gilt yields are 4-6bp lower, with the front end leading the rally.
  • Soft Chinese trade data and geopolitical angst help underpin core global FI markets early Friday.
  • SONIA futures are flat to +7.0, off session highs alongside gilts.
  • BoE-dated OIS contracts show ~53bp of ’24 cuts vs. ~47.5bp late yesterday.
  • Goldman Sachs’ tweaked their BoE view overnight, but that wasn’t a market mover.
  • The Bernanke review of the BoE’s forecasting methods will be released at 12:00 London. See our earlier bullet for more colour on that matter.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
May-245.182-1.6
Jun-245.094-10.4
Aug-244.972-22.6
Sep-244.890-30.8
Nov-244.765-43.3
Dec-244.670-52.8
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

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