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Yields around 8-10bp off highs


Gilts have been reversing some of their post-Bailey rally but 10-year yields still remain around 8bp off yesterday's highs with 2-year yields around 10bp off yesterday's highs.

  • Yesterday's moves saw yields up to around 15-years move to their highest levels of the current cycle but 15+ year gilt yields failed to really move above the levels seen ahead of the Spring Statement when a lower than expected remit was announced.
  • However, we have since retraced much of that move, but the front-end of the curve still remains steeper than ahead of the Spring Statement.
  • Headlines are just breaking about the "partygate" Covid rules breaking by Downing Street - this is unlikely to have much market impact but will be a talking point.
  • Main domestic economic event for the UK today is money supply / mortgage approvals data with BOE's Broadbent due to speak tomoroow and the final print of Q4 GDP.

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