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Pullback Extends Ahead Of Ramsden Comments

GILTS

Gilt futures move towards Monday’s low ahead of comments from BoE Deputy Governor Ramsen, last -19 at 97.56.

  • The bearish technical picture remains in the contract.
  • Yields are now unchanged to 1.5bp higher across the curve, with the early London rally fully unwound.
  • SONIA futures are +0.5 to -2.0 through the blues.
  • BoE-dated OIS shows ~62.5bp of ’24 cuts, little changed on the day.
  • Don’t expected Ramsden to stray too far from the central BoE theme of needing to see more progress on inflation and wages before being willing to cut interest rates.
  • A reminder that Governor Bailey has said that a cut could come ahead of inflation reaching target and that he is comfortable with a market profile that prices rate cuts.
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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