海外研报

Global Fixed incomeWeekly

Similarly to USD, front-end HICPxT pricing is broadly in line with our economistsforecasts on the 1y with some slight upside over the coming months. 10y HICPcurrentlytrades slightly cheap compared to our macro model (~10bps). The 5s10sHlCP curve

BANK OF ENGLAND TAKES A SMALL LEAP OF FAITH

The MPC has delivered a 25bp reduction that takes Bank Rate to 5% in what is essentially an “insurance” cut.As mentioned in the minutes, “it is now appropriate to reduce slightly the degree of policy restrictiveness" while