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It has been a relatively quiet.........>

GILT SUMMARY
GILT SUMMARY: It has been a relatively quiet session for gilts, which have
firmed slightly during the afternoon.
- The Jun-20 gilt future trades at 137.94, 2 ticks off the day's high.
- Cash yields are 1-2bp lower on the day with the curve trading flat. Current
yield levels: 2-year 0.0098%, 5-year 0.071%, 10-year 0.213%, 30-year 0.556%.
- Following the release of the final service and composite PMI prints for April
(both marginally better than the initial estimates, but still indicate a deep
economic contraction), this week's tier 1 data is now in the rear view mirror.
- Focus shifts to the BoE MPC meeting this week. Although consensus expects no
major change in policy, there are a minority expecting the BoE to announce an
increase of QE in the order of GBP100-150bn. The meeting will coincide with new
official macroeconomic projections, which will show a very severe drop in
economic growth since the last forecasts were published.

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