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GILTS: / POV: With the rise in geo-political tension in Asia overnight as North
Korea fires its latest missile over the northern part of Japan and the difficult
start to the third round of Brexit negotiations in Brussels, has seen the yield
on the 10-yr Gilt slip below 1.00% level for the first time since June 26. This
is also not too far from 2017 low of 0.923% seen on June 14
- Further falls in 10-year Gilt yield could be limited despite the re-investment
of cash flows from the BoE's QE programme starting next week and the redemption
of August 2017 and Sep 2017 Gilts, as markets might have already priced a
majority of this in and could start looking ahead to key central bank meetings
from the ECB (Sep 7) -- possibly start discussing options on QE and Fed (Sep 20)
-- announcement on balance sheet reduction expected.
- Before then however, BoE MPC member Michael Saunders, who voted for a 25bp
rate hike at last monetary policy meeting in August, speaks on Thursday morning
in Wales with latest UK data seen unlikely to change his current hawkish views.