David Zahn expects more volatility in gilt yields due to the UK leadership uncertainty. He sees limited fiscal room for maneuver without tax hikes or spending cuts. He expects the BOE to do nothing for the rest of the year. On Scottish 'kilts', he would require a 50-60bps spread over gilts to buy, and warns that any hint of an independence referendum would cause spreads to blow out significantly.
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Franklin Templeton
8.0
Asset Manager $1300.00B
David Zahn 8.5
Asset Manager $1300.00B
David Zahn 8.5
6/19/2026 1:20:46 PM
rut
The guest's focus on 'uncertainty' and a 'wait and see' approach for the BOE suggests a lack of clear directional catalyst for the pound in the near term.
yields
We will see more volatility in gilt yields as we move forward with...are we going to have a leadership contest?
| 5/22/2026 10:05:04 PM | medium term up | 22 days later | -1.56% | -1.56% |
| 5/15/2026 9:50:37 AM | medium term up | 21 days later | -1.54% | -1.54% |
| 4/27/2026 5:34:32 PM | medium term cautious up | 20 days later | +6.18% | +3.09% |
| 4/2/2026 1:24:49 AM | short term cautious down | 5 days later | -0.51% | +0.26% |
| 3/27/2026 9:31:06 AM | medium term up | 21 days later | -2.12% | -2.12% |
