Free Trial

Awaiting the FOMC

BOND SUMMARY

With all eyes on the FOMC later, it has been a tight range session for EGBs

  • Bund trades In a 21 ticks range (171.59-171.80), and volumes are as expected way below averages.
  • German curve trades flat, leaning steeper on the margin, but well within past ranges.
  • Peripherals are wider against the German 10yr, with Greece at 3.4bps
  • Gilts have traded somewhat in line with EGB, although on the margin they are underperforming, translating in a bear steeper curve.
  • Focus here is on the BoE meeting tomorrow, as well as EMA decision on Astra vaccine, also due on Thursday.
  • US Treasuries are just off their lows, after US 10yr tested intraday high and just short of the March high at 1.6405% (printed on 15/03).
  • This is also the highest level since 07/02/2020.
  • Similar story for the 30yr, just shy of the March peak at 2.4028%, which is also the highest level seen since (02/01/2020).
  • Looking ahead, ALL EYES on the Fed, with no tier 1 data scheduled for today.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.