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Yields now below yesterday's close

GILTS
  • In early European trading, gilts had been the underperformers in core FI space, but since around 9:00BST this morning has been reversing the majority of their losses.
  • Despite labour market data coming in softer than expected, 10-year gilt yields hit another cycle high of 1.905% (highest since January 2016), but have since moved 6.5bp lower to trade back closer to around 1.0bp below yesterday' close - around 1.841% at writing.
  • 2-year gilt yields also hit their highest level since February 2011 earlier today 1.609% (within 9bp of the 2011 high of 1.697%, a level that has not been breached since 2008). Yields here have also fallen back off their highs and now trade around 1.6bp lower than yesterday at 1.535% at writing.

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