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Moved by external events

GILTS
  • Gilts have been dragged higher, both in response to a catchup to yesterday's moves in USTs and Bunds and this morning's soft Spain inflation print. However, looking at the moves since Friday's close both 2-year and 10-year gilt yields have moved less than their German or US equivalents.
  • For the UK there is only second tier data due for release with the BRC shop price index released overnight and Thursday seeing Nationwide house prices, BOE money supply/credit data and the final manufacturing PMI print due for release.
  • The only MPC speaker this week will be hawk Catherine Mann who is due to speak tomorrow at 14:15BST on a panel regarding "central banks, inflation, monetary policy."
  • 2y yields down -1.4bp today at 4.461%, 5y yields down -1.9bp at 4.247%, 10y yields down -4.0bp at 4.290% and 30y yields down -3.0bp at 4.608%.
  • 2s10s down -2.5bp today at -1.7bp and 10s30s up 0.9bp at 31.7bp.

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