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Mann and Bailey due to speak today

GILTS
  • 10-year gilts have outperformed both Bunds and USTs this morning while 2-year gilts have outperformed Schatz but underperformed 2-year Treasuries. The curve has bear flattened.
  • Despite this yields on both 2-year and 10-year gilt yields remain below the cycle highs seen earlier this week.
  • The driver for these moves has been hawkish comments from the ECB's Wunsch and de Guindos.
  • Looking ahead we will hear from external MPC member Catherine Mann at 14:00BST in a speech in a BOE webinar entitled "Monetary Policy: Decision-Making Facing Uncertainties."
  • Mann is currently perceived to be among the more hawkish members of the MPC having dissented in February for a larger 50bp increase in Bank Rate and in November in favour of ending asset purchases early.
  • In her speech on 6 March, Mann warned of second round inflation risks and pointed to market expectations for inflation in the UK remaining more persistent than the US or Eurozone.
  • We will also hear from Governor Bailey at 17:30BST today. He is appearing in the Peterson Institute's Macro Week in a "discussion on economic and monetary policy." His comments will be closely watched, too, but the market does sometimes take his comments with a bit of a pinch of salt after becoming too aggressive with pricing in hikes in November.
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