00:00In terms of the fixed income markets, you know, gilts are the new widow maker for, you know, people in
00:06seats like mine.
00:08And look, I having traded through Brexit night, I think Makerfield gives me some PTSD of Sunderland and some of
00:17the early voting results.
00:19So, yeah, I think it's it's a much more complicated issue in rates because we saw yields go up on
00:26the politics and then down on the economics.
00:29Do you think that we're just waiting for a massive yield spike if Burnham wins that election?
00:33Right. OK. When would you step into gilts? I mean, we're at on the 10 year right now, 489.
00:39We're close to 5 percent on the 10 year. What level brings you? Is it 5.5? Is it 6?
00:43Yeah, I think there is a temptation. There will always be buyers stepping in at that 5.5 level to
00:49put a benchmark out there.
00:53But look, I think that there is some scar tissue that's developed, you know, following the March episode.
00:59Where it was the front end of the U.K. markets, which kind of really led the pain across macro
01:05fixed income.
01:06So I think that there will be more skepticism and there's probably less buying power at the moment in terms
01:11of just, you know,
01:13market participants not having the embedded built up P&L to be able to take more risk in markets like
01:20that.
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