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The markets waited all day for PM......>

GILT SUMMARY: The markets waited all day for PM May's Brexit speech and in the
end it was rather disappointing and thin on details, with only the confirmation
the UK is looking for a 2-yr transition deal to smooth the exit process and
guaranteeing EU citizen rights post Brexit.
- Weather this will be enough to meet the demands of the EU in order to progress
talks is unclear with markets seen waiting for a reaction from Michel Barnier. 
- Gilts initial spiked to session high following announcement that the UK would
like a "strong dispute resolution mechanism on trade differences" and doesn't
want "ECJ as arbiter". However, quickly pared gains and eventually slipped below
the level seen before start of May's speech, but hold onto marginal gains as May
said UK would honour commitments made in period of our membership. While
Sterling spiked lower vs US Dollar, but has managed to regained majority of
losses by London close.
- 2-yr Gilt yield is -0.2bp at 0.449%, 5-yr -0.4bp at 0.772%, 10-yr -0.7bp at
1.363% and 30-yr -0.3bp at 1.932% according to Tradeweb.
- Swaps spreads are marginally tighter while breakevens are 0.5bp to 1.5bp wider

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