Light Outperformance For Bunds Across The Curve

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.