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Recent Yield Extremes In 10s and Futures Untested

GILTS

Gilt futures find a base ahead of 98.00 (lows of 98.05) before ticking back to the 98.15-20 area, meaning that month-to-date highs in 10-Year yields (4.04%) and Feb lows in futures (97.71) were not challenged (note that the 4.04% yield equivalent in futures comes in at 97.93 today). Yields are 0.5-3.0bp higher across the curve, with a bear flattening bias apparent. Macro headline flow remains light, save the recently covered comments from ECB’s Wunsch (typically hawkish).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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