Free Trial

Tsys Help Sell Off Extend Further

GILTS

Little to add when it comes to specific commentary but the latest move higher in Tsy yields filters into gilts.

  • Futures trade to fresh session lows, although initial support in the form of the Jan 30 low (98.79) remains untouched (lows of 98.89 seen thus far).
  • Cash gilt yields are 12-21bp higher, with 5s leading the sell off and the curve still bear flattening. SONIA futures are +0.25 to -27.0, with the reds under the most pressure.
  • BoE-dated OIS shows ~91bp of cuts through ’24, moving close to the most modest pricing of cuts over that horizon seen during early ’24 trade.
  • A 25bp cut is no longer fully discounted come the end of the June ’24 MPC (22bp of easing is seen over that horizon.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.