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Pull Back From Fresh Highs As U.S. CPI Digested

GILTS

Digestion of the totality of the U.S. CPI print (particularly a firmer supercore M/M reading) leaves gilt futures comfortably off initial knee-jerk highs seen around the release of the data, with U.S. Tsys also pulling back from best levels.

  • Gilt futures sit ~55 ticks back from best levels, just below 98.40, still up ~90 ticks on the day.
  • Note that the push higher topped out at 98.92, a little ahead of resistance in the form of the Dec 6 high/bull trigger (98.97).
  • Cash gilt yields are 5-9bp firmer on the session, still bull steepening on the day, but operating off richest levels across the spectrum.
  • SONIA futures last show +0.25 to +13.0, generally operating shy of best levels alongside gilts.
  • BoE-dated OIS saw an initial dovish spike on the back of the data, before pulling back from extremes. The strip now shows ~86bp of cuts through ’24 on the whole, ~5bp off dovish session extremes.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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