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Bunds and USTs both move more than gilts

BONDS
  • Gilt futures hit a new high of 101.74 shortly after the open this morning - the highest since the Truss/Kwarteng "Growth Plan" mini-budget. However, gilts moves are smaller than those seen in both Bunds and Treasuries this morning.
  • Curves have flattened this morning and Bunds and US Treasuries have both seen 10-year yields fall more than 5bp this morning. This is despite a better than expected German IFO. Markets are already starting to look ahead to Thursday's ECB meeting. For the full MNI preview click here.
  • TY1 futures are up 0-11+ today at 110-03 with 10y UST yields down -5.3bp at 4.191% and 2y yields down -2.7bp at 4.480%.
  • Bund futures are up 0.81 today at 136.97 with 10y Bund yields down -4.8bp at 2.279% and Schatz yields up 0.5bp at 1.996%.
  • Gilt futures are up 0.50 today at 100.73 with 10y yields down -3.2bp at 3.705% and 2y yields down -0.2bp at 3.369%.

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