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Chinese inflation --> US inflation

BONDS
  • Inflation is the buzzword of the day (again) with core fixed income under pressure on the back of a higher than expected Chinese inflation print overnight. Inflation will also be in focus later today with the release of US CPI the highlight of the session ahead for markets.
  • STIR is under pressure this morning, particularly the Eurodollar and short sterling strips. Euribor moves have been a bit more muted.
  • Despite the downward pressure in STIR, Schatz yields have continued their downward descent so move to their lowest levels since August.
  • Peripheral spreads have all widened too, on the back of the more hawkish data.
  • Elsewhere curves have flattened in both the US and UK.
  • TY1 futures are down -0-11+ today at 131-15+ with 10y UST yields up 2.2bp at 1.477% and 2y yields up 2.9bp at 0.452%.
  • Bund futures are down -0.02 today at 171.23 with 10y Bund yields up 0.9bp at -0.291% and Schatz yields down -0.6bp at -0.793%.
  • Gilt futures are down -0.27 today at 126.92 with 10y yields up 3.2bp at 0.855% and 2y yields up 5.5bp at 0.498%.
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