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PIPELINE

$8B Debt Issuance to Price, $3B Egypt 3Pt Leads

EURGBP TECHS

Sharp Retracement

FED

NY Fed Weekly Economic Index (WEI)

FED

JP Morgan Take on FOMC DOTs

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  • Bund remains underpinned on the cash open, after better selling hit Equities on screen, albeit well within yesterday's ranges.
  • Outlook for the contract is unchanged, with risk tilted to the downside, and initial target still eyed at -0.298% yield level, which equates to 171.34.
  • The 171.34/171.30 is the area to watch.
  • As noted yesterday, we a decent amount of supplies for this week, which should limit the upside.
  • ALL EYES on US CPI (will be today's driver), out of Europe sees Spanish CPI, but final reading for the latter.
  • SUPPLIES: German 2yr Schatz EU5bn (Equates to 45k Schatz). Italy 2024, 2028, 2051 (Equates combined to 23.4k BTP), UK 2026 £3bn (equates to 15k Gilts).
  • SYNDICATION: NGEU 7yr
  • SPEAKER: BoE Bailey, who has been on the hawkish side of late