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GILT SUMMARY: This morning's gilt rally had a second wind following the
significant miss for the May Chicago PMI print (32.3 vs 40.0 survey). The
longer-end has outperformed with the curve bull flattening.
- Cash yields are now 3-5bp lower on the day. Current yield levels: 2-year
-0.0551%, 5-year -0.0145%, 10-year 0.1814%, 30-year 0.5721%.
- The Sep-20 gilt future trades at 137.42, 4 ticks off the day's high.
- The short sterling futures strip has flattened with whites/reds up 1.5-2.5
ticks and greens/blues up 2.5-3.0 ticks.
- Looking ahead to next week, the final May PMI prints will be published
alongside money supply and consumer credit data.
- Focus next week will be on the ECB meeting on Thursday.