**As seen in Macro Walk report 09/23/22, subscribe at cablefxm.co.uk/reports
This week saw yields rise across the board, with exceptions in Japan and Canada. The former saw the Bank of Japan keep policy unchanged this week, while the latter is priced to have reached peak rates in 6-montths, this would be the first G10 central bank to do so
U.S. 2-yr Treasury yields jumped by 26.5bps, the German equivalent increased by 29.5bps, Australia and New Zealand front-end yield saw an increase of 22.2bps and 18.0bps, respectively. The U.K. sovereign curve was the most offered, 2-yr Gilt yield jumped by 80.7bps this week alone, while the 5-yr Gilt yield saw the biggest rise on record at 50bps, the 10-yr yield increased by 68.8bps and close to a 7-year high
As of Friday close, U.K. curve ticks above 4% in the 5-yr, 10-yr, and 30-yrtenors. The recent move leaves U.K.-U.S. rate spread favouring sterling for the first time since 2014, despite the advantage, GBP/USD fell on Friday the most since March 2020
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