Little Changed to A Touch Softer To Start

Gilt futures trade either side of late Tuesday levels at the open, last printing at unchanged levels.

• The major cash benchmarks are unchanged to 1bp cheaper, flattening at the margin.
• Local headline flow has seen the NIESR thinktank point to a lost 5 years for the UK economy, although that shouldn’t be a needle mover for markets.
• SONIA futures are little changed to 1.5bp lower.
• BoE-dated OIS continue to show around 21.5bp of tightening for next month, while terminal policy rate pricing shows around 5.80%, firming a little on the day.
• GBP3.5bn of 3.25% Jan-33 supply is due today, with little else to note on the domestic docket.