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BONDS: No Real 'Explainer' For Pullback

BONDS
BulletMarketsFixed Income Bullets

Little in terms of ‘explainers’ for the pullback in bonds, with yields now flat to 3bp higher across the major curves.

  • No obvious moves in oil/stocks to drive cross-market spill over, while headlines have been on the light side since the early London comments from BoJ Governor Ueda put a bid into JGB futures.
  • We will keep looking for potential drivers, but don’t believe there is much out there.
  • Note that TY, Bund & gilt futures all still operate above yesterday’s lows, which present the initial meaningful areas of support.
  • Scheduled event risk is light for the remainder of the day, with comments from Philly Fed President Harker, U.S. state-wide labor data and Canadian retail sales due.
  • We will also be on the lookout for sporadic post-blackout Fed appearances.
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Little in terms of ‘explainers’ for the pullback in bonds, with yields now flat to 3bp higher across the major curves.

  • No obvious moves in oil/stocks to drive cross-market spill over, while headlines have been on the light side since the early London comments from BoJ Governor Ueda put a bid into JGB futures.
  • We will keep looking for potential drivers, but don’t believe there is much out there.
  • Note that TY, Bund & gilt futures all still operate above yesterday’s lows, which present the initial meaningful areas of support.
  • Scheduled event risk is light for the remainder of the day, with comments from Philly Fed President Harker, U.S. state-wide labor data and Canadian retail sales due.
  • We will also be on the lookout for sporadic post-blackout Fed appearances.