Bear steepening

Core fixed income is under pressure this morning as equities inch higher but there is little in the way of new macro news driving markets.

• Treasuries remain a little above yesterday's lows, while Bunds and gilts are just below Tuesday's lows at the time of writing.
• Curves are bear steepening as 2-year yields outside of the UK remain steady.
• The only notable data releases of the day will be US retail sales and business inventories.
• It's been a heavy morning for European supply with Spain and France holding auctions while Austria holds a syndication.
• TY1 futures are down -0-3+ today at 133-09 with 10y UST yields up 1.4bp at 1.315% and 2y yields up 0.2bp at 0.214%.
• Bund futures are down -0.26 today at 171.31 with 10y Bund yields up 0.6bp at -0.301% and Schatz yields up 0.1bp at -0.712%.
• Gilt futures are down -0.34 today at 127.49 with 10y yields up 1.8bp at 0.794% and 2y yields up 0.8bp at 0.268%.