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Continue to move lower as risk continues to recover

BONDS
  • Core FI has continued to move lower this morning helped by continued risk-on sentiment and further moves higher in European equities.
  • Curves have bear flattened in both USTs and Germany while gilts have seen a bear steepening following the comments from Governor Bailey last night (see more here).
  • With little of note on the data calendar today outside of Conference Board data, the market is already starting to look ahead to flash March inflation prints within the euro area and the Friday's print of US personal income / spending, the PCE deflator, Michigan confidence and the MNI Chicago Business Barometer.
  • TY1 futures are down -0-10+ today at 114-21 with 10y UST yields up 2.9bp at 3.562% and 2y yields up 8.0bp at 4.030%.
  • Bund futures are down -1.17 today at 135.76 with 10y Bund yields up 8.6bp at 2.310% and Schatz yields up 11.3bp at 2.623%.
  • Gilt futures are down -1.14 today at 103.69 with 10y yields up 10.3bp at 3.465% and 2y yields up 7.9bp at 3.374%.

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