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The better-than-expected UK CPI........>

GILT SUMMARY
GILT SUMMARY: The better-than-expected UK CPI print was the main development
during the session.
- The prelude to formal UK-EU negotiations has become increasingly heated as
both sides stake out their negotiating positions. Brussels continues to insist
on some degree of regulatory alignment, while London is pushing for a cleaner
delineation.
- The Mar-20 gilt future trades at 133.89, up 12 ticks from Tuesday's close and
19 ticks off the day's high; L-H: 133.64-134.08.
- Gilts have rallied with yields 0-4bps lower on the day. Cash yields (Last / 1d
chg / L..H): 2Y (0.5201% / +0bp / 0.5196%...0.5302%); 5Y (0.4704% / 0bp /
0.47%...0.4839%); 10Y (0.6041% / -0.1bp / 0.6034%...0.6187%); 30Y (1.0927% /
-0.1bp / 1.092%...1.104%).
- The curve has flattened: 2s10s (7.6bp / 0bp / 7.4bp..8.2bp); 2s30s (56.5bp /
0bp / 56.1bp..57bp).

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