GILTS: GBP 3m10y Vol. In Middle Of Multi-Month Range; Oil & Fiscal Key
GBP 3m10y implied swaption vol. continues to operate around the middle of the range witnessed since the outbreak of the Iran conflict (last ~89bp vs. closing extremes 62.1bp & 121.9bp seen since late February). * A pullback from recent cycle highs in energy markets prevented a test of the 100bp marker. * That, coupled