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SHARP FLATTENING

GILT SUMMARY

Long-end gilts have remained bid through the session with the curve flattening sharply.

  • The Sep-20 gilt future trades at 138.53 towards the top end of the day's range and 7 ticks off the high.
  • The shorter end of the cash curve has traded a touch weaker, while the longer end has rallied. The 2s30s spread has narrowed 5bp on the day. Last yield levels: 2-year -0.0532%, 5-year -0.094%, 10-year 0.0945%, 30-year 0.6177%.
  • The BOE this morning decided to keep the monetary stance unchanged. Despite allude to ongoing discussions about the efficacy of negative interest rates, the BoE indicated that a shift in this direction does not appear likely in the near term.
  • Following the publication of the July construction PMI this morning (58.1 vs 57.0 survey), the data calendar has been exhausted for the week.
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