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US CPI Surprise Hits Gilts

GILT SUMMARY

Having initially traded firmer and recovering some of yesterday's inflation-driven sell-off, gilt yields surge from 1330GMT as US CPI data surprised sharply higher and further fueled concerns about inflation risks.

  • Gilt yields are now 2-3bp higher on the day with the short end of the curve slightly underperforming. Last yields: 2-year 0.0896%, 5-year 0.3853%, 10-year 0.8672%, 30-year 1.4113%.
  • The Jun 21 gilt future trades at 127.43, 9 ticks off the day's low.
  • The BoE purchased GBP1.147bn of medium-dated gilts with offer-to-cover of 3.39x.
  • Monthly GDP for March surprised higher, coming in at 2.1% M/M vs 1.5% survey.
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