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Gilts opened strongly, but have traded sideways for much of the day while still holding on to most of the early gains.
- Gilt yields are 1-3bp lower on the day with marginal outperformance in the belly. The curve has bull flattened with the 2s30s spread 1bp narrower. Last yields: 2-year -0.0491%, 5-year 0.0565%, 10-year 0.4616%, 30-year 1.0463%.
- The Mar 21 gilt future trades at 132.53, near the middle of the day's range (L: 132.41 / H: 132.67).
- BoE Governor Andrew Bailey has argued that Brussels made a mistake in locking London out of EU markets. Bailey's comments risk further denting UK-EU relations, which have been under pressure from previous haggling over the Brexit deal and the recent fallout over Covid vaccinations.
- The RICS house price balance for January came in lower than expected (50% vs 60% survey). Tomorrow sees the release of preliminary Q4 GDP data alongside industrial production, construction, index of services and international trade .