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US CPI Beats Trigger Leg Lower For Gilts

GILT SUMMARY

Gilts opened stronger before selling off through the morning, with this afternoon's above consensus US CPI print triggering another sharp leg lower.

  • Gilt cash yields are 2-3bp higher on the day with the very long end of the curve close to flat. Last yields: 2-year 0.0671%, 5-year 0.3262%, 10-year 0.7533%, 30-year 1.2820%.
  • The Sep 21 gilt future trades at 127.69 near the middle of the day's range (L:27.34 / H: 128.15).
  • The ECB meeting did not offer many significant surprises. The governing council decided to continue conducting PEPP at a "significantly higher" rate, while staff macroeconomic projections were revised higher.
  • Tomorrow sees the release of monthly GDP, index of services, industrial production, construction output and international trade data for April.
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