It has been a mixed day for gilts......>

GILT SUMMARY: It has been a mixed day for gilts with the early morning rally

giving way to a marked sell-off from mid morning, with losses starting being

clawed by over the past hour. 

- The Jun-20 gilt future trades at 137.49, near the middle of the day's range.

- Cash bonds have firmed at the short-end and trading close to flat on the day

at the longer end. Current yield levels: 2-year -0.0254%, 5-year 0.0628%,

10-year 0.2503%, 30-year 0.6561%.

- Speaking in front of a Lords Committee this afternoon, UK Chancellor of the

Exchequer Rishi Sunak today warned that official forecasts point towards a

double-digit unemployment rate and that the UK is facing a recession that likes

of which has not been seen before.

- This comes on the heels of labour market data released this morning which

showed an unprecedented, but unsurprising, surge in jobless claims for April.

- Tomorrow will see the release of CPI data for April at 0700 BST.