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Treading Water Pre-BoE

GILT SUMMARY

Gilts have treaded water for most of the afternoon but are a little weaker on the session with bear steepening in the curve, with Thursday's BoE decision eyed.

  • Mar Gilt futures (G) down 14 ticks at 133.61 (L: 133.46 / H: 133.70)
  • The 2-Yr yield is up 0.1bps at -0.09%, 5-Yr is up 0.8bps at -0.005%, 10-Yr is up 1.4bps at 0.363%, and 30-Yr is up 1.3bps at 0.939%.
  • In data, final Svcs/Composite PMI for January was up slightly from flash readings.
  • DMO sold GBP2.75bn of Jul-31 Gilt.
  • Attention turns to Thursday's BoE meeting decision - focus is on negative rates possibly being made part of the Bank's toolkit, and on the balance of risks have changed generally since the last meeting / MPR.
  • Full MNI BoE Preview at this link
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