Bryn Jones: What would aliens say about gilt yields today?

If aliens knocked on my front door, having read pre-Millennium economic theory books, they would be scratching their frontal lobes with dismay.

UK PMI manufacturing came in stronger than expected at 53.0, after an upward revision to December's data; PMI driven by increases in output and new orders. Input prices shrank by a whopping 6.2 points - the lowest numbers since 2009, when we were dragging ourselves out of the banking ‘anarchy'. Manufacturing is now above 50 for 23 consecutive months, with 21 of those months having been above the long-term average of 51.  So, if said aliens were to ask me where gilt yields should be, given that information, my only reply would be that I would have hoped they had have come in peace. ...