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- The rally in UK gilts since early....>

GILT SUMMARY
GILT SUMMARY: - The rally in UK gilts since early morning has taken a breather,
with yields spiking higher since 1100BST.
- The benchmark 2-year gilt yield trades at 0.735% off a morning low of 0.725%,
while the 10-year yield has edged up to 1.427% from 1.416%.
- The curve has steepened marginally over the past hour, having flattened since
the early morning. The 2s10s spread has widened to 67.7bps from a low of
67.0bps.
- The Dec gilt future trades at 122.50, down from 122.65
- Following yesterday's uptick, inflation breakevens have been broadly stable.
- The short sterling futures strip is down 1.0-5.0 ticks, with the biggest moves
seen in the Sep/Dec 21. 
- There has been little movement in GBP sovereign credit default swaps in the
aftermath of the budget and warnings from some critics that the Chancellor's
spending plans are a gamble on future growth.
- Equities are a touch risk on today and cable is the best performing among the
G10 FX.

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