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The UK gilts traded mixed on Monday, succumbing to thin trading activity during a relatively quiet session that saw little data of much significance. The yield on the benchmark 10-year gilts fell 1-1/2 basis points to 0.818 percent, the yield on super-long 30-year bond hovered around 1.688 percent mark, the yield on 15-year bond rose 1-1/2 basis points to 1.375 percent and the yield on short-term 2-year bonds bounced 1/2 basis points to 0.169 percent by 09:40 GMT.
The Bank of England official Gertjan Vliegh said that there should be an immediate rate cut and further stimulus measures and argued that the only reason not to have cut earlier in the year was to wait-and-see if growth was restrained because of referendum uncertainty. Now that the uncertainty has turned into a Brexit, there is no reason to expect better growth or higher inflation, he added.
Last week, the Bank of England surprised markets by keeping its official bank rate unchanged at 0.5 percent, despite Governor Mark Carney’s earlier announcement of his intention to inject monetary stimulus due to rising market turmoil after the UK left the European Union last month.
The accompanying minutes show an eight to one vote in favour of keeping policy unchanged this month, with arguably the most dovish member of the MPC, Gertjan Vlieghe, preferring to reduce the Bank Rate by 25 basis points immediately, to 0.25 percent. The minutes, however, state explicitly that most members expect monetary policy to be loosened in August.
In terms of data, the July Rightmove house prices fell 0.9 percent m/m from 0.8 percent in June. The Brexit vote volatility flowed through the housing market, hardly surprising.
Lastly, investors will remain keen to focus on the wave of economic data this week, including CPI, PPI, unemployment rate, claimant count change, retail sales, PMI. Meanwhile, the FTSE 100 trading up 0.24 percent at 6,684 by 09:40 GMT.
