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Little Evident CPI Concern As Yields Continue To Slide

GILTS
If there is trepidation about a strong print going into Wednesday morning's UK CPI release (our preview is here), it's not evident in Gilts, which have strengthened steadily this afternoon.
  • In contrast to German yields which are ticking a little higher as we go into the European cash close, 2Y UK yields have set fresh session lows in the last 20 minutes at 5.078% - in the process moving below the 5.0864% Jul 14 low, and at the lowest since Jun 23.
  • 10Y Gilts are outperforming on the curve, down 10bp on the day at 4.334%, the lowest since Jun 29.
  • Comes as BoE terminal Bank Rate pricing -5.8bp to 6.12% (112bp of further hikes left in the cycle to March 2023)
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