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Attention turns to the Fed

BONDS
  • Bund and EGBs have remained range bound, no surprises with the Globe waiting on the FOMC.
  • Bund still trade near mid session range at 170.41 at the time of typing.
  • A bounce off the lows for BTPs, but overall the contract is struggling.
  • Next support for IKH2 is now at 144.93.
  • But keep an eye on the BTP/Bund spread as it broke through widest level since September 2020.
  • Gilts are trading close to inline with Germany, but underperform, on the forward rate outlook between the UK vs Europe.
  • Gilt/Bund spread is 1.9bp wider, but short of the 2022 high at 126.5084.
  • Looking ahead, ALL EYES on the Fed and presser.
  • Gilt futures are down -0.34 today at 122.97 with 10y yields up 2.8bp at 1.191% and 2y yields up 1.6bp at 0.906%.
  • Bund futures are down -0.26 today at 170.40 with 10y Bund yields up 1.0bp at -0.72% and Schatz yields up 0.3bp at -0.653%.
  • BTP futures are down -0.55 today at 145.32 with 10y yields up 3.9bp at 1.327% and 2y yields up 2.1bp at -0.90%.
  • OAT futures are down -0.30 today at 162.11 with 10y yields up 1.1bp at 0.342% and 2y yields unch at -0.652%.
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