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Still Reacting to the BoE Tax Cut/Gilt Buy Program Scheme

US TSYS

Tsys weaker after the bell, well off late overnight lows to near middle of the session range, focus largely remained on the BoE and aftermath of last week's abrupt tax cut annc that spurred Wed's long end Gilt buy program.

  • On the open, FI mkts had scaled back decent portion of Wed's BOE buy program-tied rally w/ PM Liz Truss continued defense of the mini-budget on BBC radio, strong regional German CPI overnight adding to moves. Second round of BoE Gilt purchases underutilized: GBP1.415bln of long-dated gilts. Rejects GBP442.8mln offers. Take-up higher than Wed - but still relatively low, GB2.5B of 10B thus far.
  • Still working out the kinks, PM Truss on regional BBC TV: BEST TO START TODAY ON GOVERNMENT'S FISCAL PLANS as WE"RE IN A VERY SERIOUS SITUATION.
  • Little reaction to Fed speakers on the day, Bullard: "This is probably a good time to get inflation under control while the labor market is doing so well." Weekly claims lower than exp (193k vs. 215k; continuing claims 1.347M vs. 1.385M est), GDP slightly higher at 9.0% vs. 8.9% est.
  • On tap Friday: Personal Income/Spending, Chicago PMI, UofM Sentiment and more Fed-speakers: Barkin, Brainard, Bowman and Williams.
  • Currently, the 2-Yr yield is up 3.3bps at 4.1678%, 5-Yr is up 3.8bps at 3.9859%, 10-Yr is up 2.2bps at 3.7534%, and 30-Yr is down 0.1bps at 3.6981%.
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