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Week Ahead (2/2)

UK
  • The Friday data release of monthly GDP for January and its constituent parts will be the last major data release ahead of next week's MPC meeting and will give a much better idea of the impact of the current lockdown on the economy.
  • Last week's Budget saw Covid-19 support continuing longer than expected, with tapers of measures also more generous than many had expected. This saw the DMO announce that gilt supply for the FY21/22 will be almost GBP50bln more than expected at GBP297.7bln (against the median estimate in our survey of GBP249.3bln). Today will see the DMO hold its quarterly consultations with investors and GEMMs (the agenda is available here) ahead of releasing its gilt operations calendar on Friday at 7:30GMT. We discuss the gilts that we expect to be issued between April and June on page 4 of the MNI Budget Review.

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