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Lockdown and QE expectations help gilts outperform

GILT SUMMARY

Gilts have been the outperformers in core fixed income space today following the weekend announcement that England would begin a nationwide lockdown beginning Thursday with the intention of it lasting four weeks.

  • Some analysts have changed their calls ahead of Thursday's Monetary Policy Report and the consensus is now even more firmly looking for a GBP100bln extension to QE. Cementing this expectation into market pricing has helped the gilt rally today.
  • Gilts have broken above Friday's high of 136.08 (the first resistance level noted by our technical analyst). Attention now shifts to 136.38, the Oct 20 low, to close the gap on the chat.
  • 2y yields down -3.3bp today at -0.71%
  • 5y yields down -3.1bp today at -0.71%
  • 10y yields down -3.8bp today at 0.222%
  • 30y yields down -4.1bp today at 0.787%
  • 2s10s down -0.5bp today at 29.3bp
  • 10s30s down -0.3bp today at 56.5bp
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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