Risk is slightly on the front foot.....>

BOND SUMMARY: Risk is slightly on the front foot this morning with equities, oil

and core bond yields all moving a little higher so far this morning.

- The highlight of the morning was the Bank of England monetary policy decision

and release of the Monetary Policy Report. Some had been expecting an increase

in QE (and two members did indeed vote for another GBP100bln) but the Bank

decided to leave its options open and keep the stock of QE unchanged, noting

that the currently announced GBP200bln would not have been exhausted before the

next MPC meeting.

- Elsewhere across Europe there have been some chunky French and Spanish bond

auctions this morning.

- Looking ahead claims will be closely watched today - both initial and

continuing. All economists are still looking for continuing claims to increase

this week but note they are lagged by a week compared to initial claims. We will

also hear from ECB President Lagarde and the Fed's Bostic, Kashkari and Harker.

- TY1 futures are up 0-1 today at 138-18+ with Bund futures down -0.02 at 173.28

and Gilt futures down -0.16 at 137.55.