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Moving in line with the German curve

GILTS
  • The gilt curve is moving in line with the German curve today - and outperforming Treasuries.
  • 2-year yields are now down almost 40bp since their prevailing levels ahead of last Thursday's BOE meeting with 5-year yields down around 35bp, 10-year yields 23bp and 30-year yields 12bp lower. As can be seen from these numbers, there have been a steepening of the curve through the past week too.
  • UK GDP was disappointing this morning, with every component weaker than expected (with trade the biggest downward contributor to the surprise).
  • BOE's Ramsden made some relatively hawkish comments earlier stating that he thought that Bank Rate would still need to be raised further and that he thought there were upside risks to the BOE's inflation forecasts. However, he was already considered one of the more hawkish members of the MPC having voted for a 50bp hike in February.
  • There has also been continued rhetoric surrounding the NI Protocol - but as yet that is not having any notable market impact.
  • 2y yields down -7.6bp today at 1.196%; 5y yields down -9.9bp at 1.345%; 10y yields down -11.8bp at 1.706%; 30y yields down -11.8bp at 1.945%.
  • 2s10s down -4.3bp today at 50.9bp; 10s30s unch today at 23.9bp
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