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Slide Extends, Before Stabilising Off fresh Session Lows

GILTS

The post-data cheapening impulse seen in Tsys spills over to wider core global FI markets. Gilts maintain their early widening bias vs. core global FI peers in the 5+-Year zone of the curve, with futures moving to fresh lows of the day, albeit bottoming out before bears got anywhere near challenging Wednesday’s low. The contract last trades -90 or so at 96.65, off lows of 96.33. Cash gilt yields sit 2.5-8.5bp higher across the curve.

  • Comments from NY Fed President Williams also filter in during more recent trade but have little meaningful impact.
  • SONIA futures last flat to -9.5 through the blues, also off session lows.
  • BoE-dated OIS is little changed to 7bp firmer through ’24 MPC contracts.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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