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BTPs lead core FI lower

BONDS
  • Core fixed income has moved lower this morning, led by EGBs with BTPs in particular under pressure this morning (10-year BTP yields up 13.6bp this morning).
  • The moves in Bund futures have seen them move back to around 138.50 (down around 100 ticks on the day), almost fully reversing Tuesday's rally.
  • 2-year yields are up around 4bp across Schatz, USTs and gilts.
  • Looking ahead, we have US existing home sales data and will hear from the Fed's Harker and Waller.
  • TY1 futures are down -0-10 today at 115-10+ with 10y UST yields up 4.4bp at 3.437% and 2y yields up 4.2bp at 4.169%.
  • Bund futures are down -0.99 today at 138.56 with 10y Bund yields up 8.0bp at 2.138% and Schatz yields up 4.1bp at 2.554%.
  • Gilt futures are down -0.42 today at 104.45 with 10y yields up 6.9bp at 3.341% and 2y yields up 4.0bp at 3.464%.
  • BTP futures are down -1.25 today at 116.28 with 10y yields up 13.6bp at 3.905% and 2y yields up 9.1bp at 2.893%.
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