Heavy trading prevailed over bonds in a session lacking in 'macro' data (with the exception of US weekly unemployment), but marked by the Bank of England's meeting.
As expected, the Bank left its key rate unchanged, but stated that it 'expects to cut rates in the next few months or quarters' (making it possible to keep it unchanged for a further 6 months, or to ease rates before midsummer).
The BoE is also lowering its inflation forecast to 2.6% from 2.8% in the UK in 2024.

British Gilts are paradoxically not benefiting from this, with yields down +4pts to 4.181%.
In the Eurozone, OATs were +4pts to 3.003%, Bunds +3.6pts to 2.495% and Italian BTPs +4pts to 4.835%.
No figures on the agenda in Europe this May 9, only 1 in the USA: weekly jobless claims in the USA stood at 231,000 at the end of the week to April 29, i.e. +22,000 compared with the previous week, whose level was revised marginally upwards, from 208,000 to 209,000.
Previous figures were marked by a rare stagnation close to historic lows - around 210/220,000 - which lasted 1 month.

The four-week moving average - more representative of the underlying trend - came out at 210,250, an anecdotal rise of 250 on the previous week.

Finally, the number of people receiving regular benefits rose by 17,000 to 1,785,000 in the week to April 22, the most recent period available for this statistic.

US T-Bonds reversed course in the afternoon, going from +2Pts at 2.502% to -2Pts at 4.463%, with the '2-year' at 4.813%.



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