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Rally Extends On JOLTS

GILTS

Gilts rally further following the U.S. JOLTS data.

  • Highs of 99.51 printed, still some way shy of next resistance at 99.85.
  • Yields 5-6bp lower on the day, curve sees light bull steepening.
  • SONIA futures flat to +7.5, reds lead the move.
  • BoE-dated OIS shows ~5bp of cuts for the Sep meeting, ~28bp of easing through Nov & ~43.5bp of cuts through Dec, with contracts through mid ’25 1-7bp more dovish on the day.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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