GBP 30 year

The combination of today's QE from the Bank of England and Kwarteng's promises to bankers to put the UK on a path to medium term fiscal stability appear to have done the trick.

UK 30-year yields are at a new session low at 4.15%.

There's a broad bid in bonds as well, led by the front end. That's kicking out the legs of the USD rally today. US 2-year yields are down 19 bps to 4.11%.

Combined with quarter end, this has a lot of the elements of a short-term turning point.