May 16, 2024 15:23 GMT
Light Outperformance For Bunds Across The Curve
GILTS
BoE MPC member Greene’s move to a more centrist stance promoted some modest outperformance for gilts vs. Bunds today, with little other meaningful UK headline flow seen.
- Futures are a little above the middle of their narrow 35-tick range, +5 at 98.63.
- Cash gilt yields are flat to 1bp lower.
- BoE-dated OIS and SONIA futures are little changed on the day, with ~14bp of cuts priced for the June MPC and ~60bp of cumulative easing priced through year end.
- Comments from BoE’s Mann are due tomorrow.
- She will give the keynote speech at Economics Statistics Centre of Excellence Conference.
- Her speech will be entitled Economic Measurement 2024 ‘cost of capital: measurement and implications for business investment’.
- Mann may not say anything of note on monetary policy in her prepared remarks, but the Q&A may give her a chance to communicate any updates in her views.
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