UK leads the way
Lower debt issuance in the UK appears to have set off some kind of short squeeze. UK 30s are now down 15.5 bps to 1.163%. Gilt yields are also down 11 bps and through the key 1% level.
The move is spreading globally to a lesser extent and bears very close watching.
The move in UK yields isn't having much of an effect on GBP but the sands are shifting. Also note that there is a US 5-year auction today.
