Yields A Touch Lower, Comments From BoE's Mann Due Later

Gilt futures (Z4) stick to a narrow 21-tick range, +14 at 98.94.

• Initial resistance at yesterday’s high (99.21), support at yesterday’s low (98.54).
• First notice for G U4 is tomorrow, with over 85% of the roll complete.
• Yields 1-2bp lower across the curve.
• Crude oil futures hit the lowest level of the week, providing some background support for gilts.
• BoE hawk Mann will appear on a panel discussing “The Value of Economic Research for Policy” (13:15 London). There is no live streaming of the event.
• Don’t expect much new from Mann today.
• BoE comments have refrained from signalling a need for back-to-back cuts, stopping the market from fully discounting sequential easing at meetings through early ’25 (~40bp of cuts currently priced through year end).
• GBP1.5bn of 0.75% Nov-33 I/L supply was smoothly digested.