Gilts rally away from yesterday’s lows, +24 at 98.73.

• The technical backdrop is still bullish. Initial resistance at this week’s high (99.21), while support comes in at yesterday’s low (98.44).
• Yields 1-2bp lower across the curve.
• The DMO’s quarterly issuance calendar did not provide any real shocks.
• The most meaningful surprise probably came via the announcement of a consultation to gather views on continuing demand for a short conventional gilt tender (for a maturity of under three years) in the coming period
• Elsewhere, the OBR has highlighted the need for public investment, with broader concerns surrounding a restrictive Autumn Budget well-documented.
• Lower tier domestic data will continue to filter out this morning but shouldn’t be market moving.
• European inflation and U.S. PCE data provide the key macro inputs ahead of the weekend.