March Gilt has traded in a tight 25....>

GILT SUMMARY: March Gilt has traded in a tight 25 tick range since opening a few

tick higher, supported by some mild risk-off flows and a slight rise in domestic

political/Brexit uncertainty. 10-yr is so far leading the rally.

- 2-yr Gilt yield is unch at 0.686%, 5-yr -1.8bp at 1.019%. 10-yr -2.0bp at

1.526%, 30-yr -1.1bp at 1.927% and 50-yr -1.1bp at 1.711%.

- The crunch Brexit sub-committee meeting at Chequers lasted eight hours and

everyone left happy according to reports from the BBC, but with only "baby

steps" taken rather than there being any huge breakthrough. PM May's

spokesperson has just confirmed that May will outline its Brexit strategy on

March 2. however, Jeremy Corbyn could spoil the party with a speech scheduled

for Monday, which is rumoured to call for the UK to remain in the customs union.

- The EU though appears to have pre-empted what the UK is going to say and said

it is not "compatible with the principles in the European council guidelines"

- There has been no data from the UK today, although BoE Ramsden takes part in a

panel discussion on productivity from 1200GMT.

- 5-10-yr breakevens are 2bp tighter, while 2-yr swap spreads are 1.5 wider.