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Off Lows, Tight Ranges, Powell & Bailey Eyed

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilts away from lows ahead of addresses from Fed Chair Powell & BoE Governor Bailey, moves in broader core global FI markets continue to dictate.

  • Futures +10 at 99.58. Initial support and resistance (99.20/100.80) untouched, contract in a narrow 23-tick range.
  • Roll activity continues to boost futures volume.
  • Yields little changed to 2bp lower, curve flatter.
  • SONIA futures -1.5 to +0.5.
  • BoE-dated OIS shows ~38bp of cuts through Dec vs. ~39bp late yesterday.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.904-4.6
Nov-244.693-25.7
Dec-244.568-38.2
Feb-254.381-56.9
Mar-254.243-70.7
May-254.088-86.2
Jun-253.997-95.3
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Gilts away from lows ahead of addresses from Fed Chair Powell & BoE Governor Bailey, moves in broader core global FI markets continue to dictate.

  • Futures +10 at 99.58. Initial support and resistance (99.20/100.80) untouched, contract in a narrow 23-tick range.
  • Roll activity continues to boost futures volume.
  • Yields little changed to 2bp lower, curve flatter.
  • SONIA futures -1.5 to +0.5.
  • BoE-dated OIS shows ~38bp of cuts through Dec vs. ~39bp late yesterday.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.904-4.6
Nov-244.693-25.7
Dec-244.568-38.2
Feb-254.381-56.9
Mar-254.243-70.7
May-254.088-86.2
Jun-253.997-95.3