It has been a fairly quiet day for.....>

GILT SUMMARY: It has been a fairly quiet day for gilts with yields at the

short-end rising a little, 7-year yields moving little and longer-term yields

falling a bit on the day.

- This morning the DMO issued a nominal gilt with a negative yield at an auction

for the first time ever. The gilt in question was the 0.75% Jul-23 gilt and the

average yield achieved was -0.003%.

- This afternoon the focus has been on four MPC members testifying ahead of the

Treasury Select Committee. The highlight was a question to Governor Bailey

regarding negative rates. He refused to rule out negative rates and pointed to

the lower bound being "under review". He didn't sound convinced that the

positives of negative rates would outweigh the downsides.

- 2y yields up 1.1bp today at -0.18%

- 5y yields up 0.3bp today at 0.61%

- 10y yields down -0.4bp today at 0.240%

- 30y yields down -1.3bp today at 0.625%

- 2s10s down -1.5bp today at 25.8bp, 10s30s down -0.8bp today at 38.6bp