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Gilt curve remains steeper despite retracing earlier moves

BONDS
  • Gilts had a very strong open on the back of the Chancellor's announcement this morning that the 45% tax rate on earnings above GBP150,000 would not be abolished - opening up the prospect of further U-turns on the large fiscal spending announced 10 days ago in the government's "Growth Plan." A large part of this rally has been retraced, with the futures contract now little changed versus last week's close at the time of writing (it had been as high as 160 ticks higher earlier this morning). The curve has remained steeper, however.
  • US Treasuries reversed some of their quarter-end sell-off this morning with 2-year yields down 8.0bp at writing.
  • Bunds by contrast, have seen more limited moves this morning so far, despite the weaker than expected PMI revisions.
  • Looking ahead the highlight later today will be the ISM manufacturing index.
  • TY1 futures are up 0-1+ today at 112-03+ with 10y UST yields down -4.0bp at 3.792% and 2y yields down -8.0bp at 4.201%.
  • Bund futures are up 0.01 today at 138.50 with 10y Bund yields up 0.9bp at 2.114% and Schatz yields up 1.6bp at 1.762%.
  • Gilt futures are unch today at 964.40 with 10y yields up 1.2bp at 4.097% and 2y yields down -5.4bp at 4.145%.
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