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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.