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Some bear steepening today

GILTS

Some bear steepening seen in the gilt curve this morning.

  • Futures opened at 122.39, down 23 ticks on yesterday's close before hitting a low of 122.33 (just above yesterday's low of 122.30). However, we have now moved 25 ticks off that low, to 122.56 at writing, just below yesterday's close of 122.59.
  • Cash 10+ year yields are up 1.0bp on the day but smaller moves at the front-end, with 2-year yields up 0.2bp on the day.
  • 2s10s curve remains within this week's range (which is 23.7-28.7bp, currently sitting at 27.3bp).
  • Not much on the domestic front today other than the continuing political narrative (see 8:38GMT bullet on the Gray report).

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