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Little Changed To Start

GILTS

A narrow 17-tick range for gilt futures early today, last +28 at 98.72, after a late Wednesday rally on the back of Fed Chair Powell’s comments.

  • Cash gilt yields are little changed across the curve.
  • GBP STIRs are pretty much in line with pre-gilt open levels.
  • The BoE DMP survey headlines the UK calendar today.
  • The wage and inflation components will continue to receive the most interest, given feedthrough into BoE policy.
  • Final services PMI data is also due.
  • Elsewhere, the DMO will come to market to kick off issuance for FY24/25 with GBP3.75bn of the on-the-run 10-year 4.625% Jan-34 gilt on offer.
  • Eurozone PMIs readings will also be eyed.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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