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Consolidatory tone

BONDS

After coming off their highs yesterday, core fixed income has had more of a consolidatory tone today. Perhaps the most notable moves have been for US 10-year UST yields which are down 1.7bp on the day, reversing some of the big gains seen yesterday.

  • Looking ahead, focus will be on US retail sales with US industrial production, import/export price indices, business inventories all due today too as well as TIC data.
  • On top of the heavy US data docket, we are due speeches from Bullard, Barkin, Bostic, George and Daly as well as ECB's Lagarde.
  • TY1 futures are up 0-3 today at 130-12+ with 10y UST yields down -1.6bp at 1.600% and 2y yields unch at 0.519%.
  • Bund futures are down -0.13 today at 170.62 with 10y Bund yields down -0.8bp at -0.238% and Schatz yields down -2.2bp at -0.799%.
  • Gilt futures are down -0.09 today at 125.94 with 10y yields down -0.7bp at 0.955% and 2y yields down -0.5bp at 0.553%.

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