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Concerns over the banking sector recede, pushing core FI lower

BONDS
  • EGBs have led core fixed income lower this morning as concerns about the banking sector have receded somewhat (bank equities are higher this morning too). The biggest moves have been seen in Schatz with yields up over 13bp on the day.
  • Looking ahead we will receive German ZEW data at 10:00GMT / 6:00ET while Canadian inflation will also be watched later today. However, markets are already looking ahead to tomorrow's Fed meeting (and to a lesser extent the BOE meeting on Thursday).
  • TY1 futures are down -0-12+ today at 114-22+ with 10y UST yields up 3.5bp at 3.523% and 2y yields up 6.8bp at 4.047%.
  • Bund futures are down -1.08 today at 136.89 with 10y Bund yields up 8.7bp at 2.207% and Schatz yields up 13.1bp at 2.475%.
  • Gilt futures are down -0.51 today at 104.92 with 10y yields up 4.5bp at 3.350% and 2y yields up 3.1bp at 3.238%.
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