Index-linked Treasury Stock
GBP/USD — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
UOB | Bullish | 1.3445 |
Citi | Bearish | 1.2400 |
MUFG | Bullish | 1.4000 |
From the original
Home News and publications Index-linked Treasury Stock Index-linked Treasury Stock Index-linked treasury stocks are gilts issued by the UK Government. They pay out twice a year, with the amount indexed to the Retail Prices Index. Published on 17 June 2026 4 1/8% Index-linked Trea
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Rates: The hidden force pushing gilt yields to record highs
The desk posits that the recent surge in 10Y gilt yields is significantly influenced by the Bank of England's quantitative tightening (QT) alongside inflationary pressures and political uncertainties. Per the full note [source], the steepening of the 2s10s GBP curve by 60 basis points more than its USD counterpart underscores the impact of increased gilt supply. This divergence may continue as market dynamics evolve, particularly in light of potential shifts in monetary policy from the BoE.