“It is still early days in terms of this whole year’s public finances,” said Eric Wand, a fixed-income strategist at Lloyds Banking Group PLC in London. “Gilts should remain driven by broader issues affecting other core fixed-income markets. It’s a general safety trade under the wider backdrop.”
The benchmark 10-year yield fell four basis points, or 0.04 percentage point, to 1.48 percent at 2:17pm London time, extending this week’s decline to six basis points.
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