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Clarify: Outperforming and now above Friday's close


Gilts rallied after Bailey's comments earlier that the change in forward guidance introduced as part of the March MPC statement was a reflection of the increased uncertainty to the outlook.

  • Gilt yields across the curve are now 8.6-10.0bp lower than the highs of the day (which were seen even before Bailey begun to speak).
  • This translates to yields being 1.0-5.0bp lower than Friday's close with the curve having flattened with 2s10s 2.3bp flatter on the day at 26.5bp and 10s30s 1.6bp flatter at 17.0bp.
  • Bailey's comments have helped gilts outperform Treauries and Bunds at the 10-year segment of the curve while 2-year yields are lower on the day (unlike Schatz or 2-year USTs).

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