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Continued inflation pressures yields higher

BONDS
  • Core fixed income has been under pressure this morning with Spanish inflation (particularly core inflation) coming in higher than expected and German state inflation data also pointing to upside risks to the national print which is due out this afternoon. Powell also spoke this morning but said nothing new.
  • Despite the inflation surprise coming in the euro area, 10-year Bunds, gilts and UST yields have all moved a similar 4.0-4.5bp higher today, with 2-year yields seeing the biggest moves in gilts. There has been some modest flattening of curves.
  • Looking ahead, other than the national German inflation print (which will also include HICP), we will receive the third print of US GDP as well as weekly claims data.
  • TY1 futures are down -0-12 today at 112-28 with 10y UST yields up 4.4bp at 3.754% and 2y yields up 5.5bp at 4.768%.
  • Bund futures are down -0.39 today at 134.19 with 10y Bund yields up 4.4bp at 2.356% and Schatz yields up 4.9bp at 3.141%.
  • Gilt futures are down -0.28 today at 956.69 with 10y yields up 4.0bp at 4.351% and 2y yields up 6.9bp at 5.198%.
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