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Still higher on the day - but off the highs

GILTS
  • Gilts are still higher on the day but are off their highs.
  • Futures hit a high of 94.85 but at the time of writing we are more than 100 ticks lower at 93.80 (which itself is 100 ticks higher than yesterday's high).
  • The curve remains flatten with 2s10s 5.0bp flatter on the day and 10s30s 6.3bp flatten at 42.1bp and 31.7bp respectively.
  • The focus will now be on where US CPI comes in and the linker and long-dated BOE purchase ops due later.

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