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Off BoE-Induced Highs, Curve Bull Stepeens

GILTS

Gilt futures fade from initial knee-jerk highs that came on the back of the dovish BoE outcome.

  • Futures stop shy of 100.00, high of 99.91 before fading back to the 99.65 area, ~10 ticks above pre-release levels.
  • Gilt yields are 3.5-11.0bp lower on the day, bull steepening.
  • 2s didn’t manage to move below 4.10%, but registered the lowest level seen since 4 Jan.
  • 2s10s moves back towards early ’24 highs, 5s30s testing late Feb highs.
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Gilt futures fade from initial knee-jerk highs that came on the back of the dovish BoE outcome.

  • Futures stop shy of 100.00, high of 99.91 before fading back to the 99.65 area, ~10 ticks above pre-release levels.
  • Gilt yields are 3.5-11.0bp lower on the day, bull steepening.
  • 2s didn’t manage to move below 4.10%, but registered the lowest level seen since 4 Jan.
  • 2s10s moves back towards early ’24 highs, 5s30s testing late Feb highs.