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Off highs, but yields still 20-30bp lower across the curve

GILTS
  • Yields remain at least 20bp lower across the curve (with 30y yields almost 30bp lower at the time of writing). This follows the stories on the potential U-turn from the government on the previously announced tax cuts.
  • Gilt futures hit a high of 97.24 (the highest levels in a week) but are now back at 95.32. This is around 100 ticks higher than prior to the story release.
  • UK 10s30s off their lows of the morning (27.3bp seen earlier) but still down 3.5bp on the day at 32.7bp.
  • Pricing for the November MPC meeting has been stable around 110bp for the past few days and has fallen to around 101bp on the story.
  • The terminal Bank Rate is now expected below 5.50% (again the lowest level in a week).
  • Markets will now turn attention to US CPI at 13:30BST.
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