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Long-End Leading The Sell-Off

GILT SUMMARY

Gilts have sold off sharply through the day, with the curve bear steepening.

  • Cash yields are 2-7bp higher and the 2s30s spread 6bp wider. Last yields: 2-year -0.0562%, 5-year -0.051%, 10-year 0.2381%, 30-year 0.8123%.
  • The Dec-20 gilt future trades at 135.90, 10 ticks off the day's low.
  • Data published earlier today showed a slightly weaker than expected September CPI print (0.5% Y/Y vs 0.6% survey) and a higher than expected public sector net borrowing requirement for the same month (GBP35.4bn vs GBP32.4bn consensus).
  • Deputy BoE Governor Dave Ramsden today stressed that there remains plenty of headroom to expand asset purchases.
  • CBI Trends data for October will be published tomorrow at 1100BST.
  • Looking further ahead, GfK Consumer Confidence data for October, retail sales for September and the preliminary October PMI prints will be published on Friday.
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