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Bunds have been pinging.............>

US TSYS SUMMARY
US TSYS SUMMARY: Bunds have been pinging aggressively up and down in early
European trade and even the Gilt market has swung around aggressively. However,
the Treasury market has hardly moved, trapped ahead of the US CPI data out later
today and not helped by the proximity of the 10Y to the 200 day moving average
at 2.315%
- Currently, the US 10Y yield is the biggest mover on the day with a 1bp yield
rise to 2.328%.
- Treasury flows have been fairly muted, with reported central bank selling in
the 2-3Y area of the curve, the old 3Y is now trading quite heavy.
- Overnight, Atlanta Fed's Bostic (voter) said that he was comfortable with slow
policy normalisation.
- Swap spreads have been fairly static.
- At present, the 2Y is +0.6bp at 1.513%, the 10Y is +1.0bp at 2.327% and 30Y is
+0.9bp at 2.855%

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