The impulses from the FOMC meeting minutes and a soft round of 20-Year JGB supply bias gilts lower at the open.

• That pushes the contract to 91.61, as it hits the lowest level seen since the mini-Budget vol., before bouncing back to the 92.00 area, -50 on the day.
• A move back through today’s early lows would allow bears to focus more on the aforementioned cycle lows from October ’22.
• Cash gilts are 2-4bp cheaper, with 10s leading the move.
• SONIA futures are +0.25 to -9.5 through the blues, as the strip twist steepens.
• BoE-dated OIS is little changed.
• Cross-market matters will remain front and centre today, with nothing of note on the domestic agenda until tomorrow’s retail sales release.