August 16, 2023 11:56 GMT
Sticking To Early Ranges
Gilt futures continue to wind within the range established in early London dealing, last -10 or so.
- CashgGilts sit 1.5-3.0bp cheaper on the day.
- Gilts remain the underperformer vs. core global FI counterparts in light of this morning’s CPI.
- SONIA futures are -4.5 to +1.0 through the blues, as the strip twist flattens.
- Once again, BoE-dated OIS pricing has failed to re-test yesterday’s hawkish extremes, with terminal policy rate pricing showing just above 6.00% at typing.