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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.
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