Big day for US data as markets continue to find equilibrium after the Fed

Core bond futures are all down since the close yesterday, but have retraced some of their losses since around 6:00GMT this morning. After European traders started to get in, we have seen bonds moves off their lows. Indeed, looking at moves in cash Treasuries markets 10-year yields are down 2.5bp on the day.

• However, despite the consolidation around the 10-year sector, the short-end has still seen yields drift higher on aggregate in the European morning session. The Eurodollar strip remains down up to 11 ticks lower in some White/Red contracts since yesterday's close.
• Looking ahead, on the US data calendar we have a first print of both December's durable goods and Q4 GDP. Both of which are less important than inflation and the labour market at this juncture, but still have potential to see decent market moves.
• TY1 futures are down -0-3 today at 127-13+ with 10y UST yields down -2.5bp at 1.841% and 2y yields up 2.9bp at 1.182%.
• Bund futures are down -0.34 today at 170.01 with 10y Bund yields up 2.9bp at -0.47% and Schatz yields up 3.1bp at -0.620%.
• Gilt futures are down -0.45 today at 122.44 with 10y yields up 5.3bp at 1.249% and 2y yields up 6.4bp at 0.975%.