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Long-end of Gilts sold off in London..........>
GILTS: Long-end of Gilts sold off in London afternoon trade, catching up with
losses on the short-end seen after higher than expected CPI data, as US stocks
looked to pare losses and concerns inflation will remain at higher levels for
longer. Yield curve has shifted higher.
- 2-yr Gilt yield is +0.7bp at 0.692%, 5-yr +1.0bp at 1.098%, 10-yr +1.1bp at
1.612%, 30-yr +0.4bp at 1.985% and 50-yr +1.0bp at 1.773%.
- Jan CPI remaining at 3.0% y/y in Jan and a 0.2% rise in core CPI led to
short-end reversing gains and falling lower, only for the longer end to hold
onto mild gains.
- The long-end though came under more selling pressure mid-way through London
afternoon session, as stocks pared losses, however, with little news seen to
trigger the move, they bounced off lows. Then Fed Powell comments that the
central bank will preserve essential gains in financial regulation made since
crisis and remain alert to any financial stability risks weighed on Gilts
- 30-yr breakevens look to finish unchanged, but 5-yr has tightened by 4bps
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