Renuka Fernandez, Senior Rates Strategist at TD Securities, suggests that there has been little move on front end rates following a BoE on unanimous hold in April. Key Quotes • “We continue to hold an outright short position on 2Y gilts, having entered into the 1% UKT 2017 at a yield of 34bps. (Target 59bps, current 40bps). • We continue to hold a Dec 16/Dec 17 Short Sterling steepener, entered at 11bps. (Target 48bps, current 13bps). • We are still waiting to enter into the GBP 10s30s swap spread steepener trade in the –65/-75bps range. That spread was at –65bps earlier this week, currently –62bps, but we favour entering around the lower end of this range and continue to wait for better entry levels.” For more information, read our latest forex news.