Bear steepening

Gilts and Treasuries moving largely in lockstep this morning while the German curve sees smaller moves with a lower beta.

• Core fixed income is seeing curves bear steepen and reverse some of yesterday's move higher. Having said that, Treasury, gilt and Bund futures all remain off of yesterday's lows.
• There's no real news driving the moves today, with mixed European data this morning and focus turning to the US data later today (PCE and personal income / spending). The moves also seem to be in contrast to equities which are under pressure this morning, particularly across Europe.
• STIR futures have moved lower this morning, but again not a sizeable move relative to recent price action.
• TY1 futures are down -0-6+ today at 127-14+ with 10y UST yields up 3.5bp at 1.836% and 2y yields up 2.3bp at 1.213%.
• Bund futures are down -0.30 today at 169.86 with 10y Bund yields up 2.2bp at -0.38% and Schatz yields up 0.8bp at -0.613%.
• Gilt futures are down -0.29 today at 122.33 with 10y yields up 3.5bp at 1.262% and 2y yields up 2.5bp at 0.981%.