Total Derivatives

Bonds - GBP

BOE Governor Bailey defended the MPC in this time of ballooning inflation, allowing gilts and linkers to retain gains at the close. BofA eyes RPI.

Gilts staged a bearish reversal while traders discuss 5y ASWs. And RPI reform - the topic that won't die - is being challenged. Barclays explores.

Today saw the end of something new and the beginning of something old. Equities and fixed income split, with fixed income exiting the falling plane.

In a lively day for the gilt market, 10y yields posted a double-digit drop as a global rally came at a good time for Green gilts.

The belly of the UST curve is rallying as risk assets post only modest gains after the rout. 30s tighten. ISDA tracks the growing margin mountain.

New week, same old story. Namely quite wild price action, as a bull-steepening move that started with USTs led to squeezy trading.

SONIAs extended their post-MPC rally today, helping the curve to steepen further amid a US-driven selloff at the long end.

Gilts came back from post-MPC highs as USTs and Bunds sold off through the afternoon but the Bank's gloomy forecasts still supported outperformance.

SONIAs edged lower before Fed, alongside weakness in EDs. The BOE is expected to vote for 25bps but banks mull the vote split and QT.

After yields hit a 6.5y high this morning 10y gilts rallied back but lagged linkers as RPI traders worry about stagflation. Banks look at ASWs.

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