Inflation

Inflation - GBP

Gilts pared gains from mid-morning as bank CDS came in from early wides, after pressure on a range of GSIB names began to ease.

While today’s $15bn 10y TIPS reopening weren’t ripped off the shelves, it was decent enough even though BEs sank into the close.

A brace of dovish rate hikes helped gilts to forget yesterday's bad CPI and look instead to the possibility that today's could be the last.

USTs are mixed but the curve continues to steepen in the wake of yesterday’s FOMC decision. Dealers and sources preview today’s 10y TIPS auction.

BEs continued this week’s winning streak into and out of today’s less-hawkish FOMC rate hike. 10y TIPS supply up next.

An unexpected rise in inflation ahead of Thursday's BOE decision whacked SONIAs and flattened the curve as the market re-priced a 25bps hike.

BEs rebounded nicely amid continued risk-on sentiment. But sources caution that market is not out of the woods yet ahead of FOMC and 10y TIPS supply.

Wrong as it may sound, but the gilt market was again a model of restraint, while a 2053 auction was snapped up. Rothesay eyes boomtime. Supply talk.

Another quiet day saw 10y gilt yields trapped in a 19bps range. One senior trader eyes cross-market disparities. PIC looks at buyouts and LDI.

Better RY sellers caused typical betas to completely break down today, leaving BEs wallowing. 10y TIPS re-opening announced.

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