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Looking To Wider Cues

GILTS

Gilts have followed wider core global FI markets away from best levels of the day, although opening lows have not been breached, leaving the contract to mostly operate within the upper half of yesterday’s range, last little changed.

  • Cash gilts run 1-4bp richer on the day, with the belly now leading.
  • There hasn’t been much in the way of meaningful domestic headline flow since the worrying services PMI reading flagged earlier.
  • That leaves focus on cross -market moves and BoE-related discussions after yesterday’s decision to leave rates unchanged.
  • SONIA futures last show +2.0 to -0.5, with the whites and reds outperforming.
  • BoE-dated OIS is off dovish session extremes, with ~9bp of tightening showing for November, while terminal policy rate pricing is ~18bp above prevailing levels (~72% odds of 25bp hike are priced).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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