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Consolidating recent moves

BOND SUMMARY

Today is looking generally like a day of consolidation after the risk-on/reflation moves seen through Friday and yesterday. Core fixed income today is a bit off the lows (but still substantially below Friday's close) with peripheral spreads a little wider in Europe.

  • There's not too much on the calendar today with Empire manufacturing the data highlight along with speeches from the Fed's Bowman, George, Kaplan and Daly. Eurozone GDP was revised a bit higher and the German ZEW expectations survey rose more than expected.
  • TY1 futures are down -0-8+ since Friday's close at 136-09 with 10y UST yields up 2.5bp at 1.236% and 2y yields up 0.3bp at 0.114%.
  • Bund futures are up 0.08 today at 175.31 with 10y Bund yields down -0.6bp at -0.389% and Schatz yields down -0.1bp at -0.702%.
  • Gilt futures are up 0.04 today at 131.39 with 10y yields down -0.4bp at 0.566% and 2y yields down -0.2bp at -0.41%.
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