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Led by Treasuries again

GILTS
  • Gilts are again moving in line with Treasuries and have decoupled from moves seen across EGBs this morning following the news that the ECB is holding an ad hoc meeting today.
  • The curve has bull steepened with more hike probabilities being priced out of the front-end this morning.
  • There is little on the domestic front (other than some political noise surrounding the NI protocol) until tomorrow's MPC announcement. Instead, gilts will likely take their cue from whatever (if anything) the ECB announces today and look ahead to the Fed's policy decision and dot plot.
  • In case you missed it, our preview of tomorrow's meeting is available here.
  • 2y yields down -8.2bp today at 2.014%, 5y yields down -8.2bp at 2.141%, 10y yields down -7.4bp at 2.511% and 30y yields down -6.2bp at 2.662%.
  • 2s10s up 0.8bp today at 49.7bp and 10s30s up 1.2bp at 15.1bp.

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