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Continuing the descent

BONDS
  • Core fixed income is continuing to move lower this morning, following on from the US CPI-induced sell-off on Friday. The moves are being led by a repricing of rate hike expectations and hence curves are bear flattening. Peripheral spreads continue to widen, too, while the biggest moves in core FI are in USTs.
  • Today's calendar is UK-dominated. However, the release of the NI protocol bill to the UK House of Commons this afternoon which is unlikely to be immediately market moving, and the release earlier this morning of disappointing UK April activity data saw little market movement.
  • The focus of markets, however, is very much looking ahead to this week's FOMC and BOE meetings.
  • TY1 futures are down -0-22+ today at 116-03+ with 10y UST yields up 7.8bp at 3.236% and 2y yields up 13.2bp at 3.197%.
  • Bund futures are down -0.87 today at 146.11 with 10y Bund yields up 3.9bp at 1.553% and Schatz yields up 9.1bp at 1.053%.
  • Gilt futures are down -0.61 today at 112.43 with 10y yields up 4.3bp at 2.488% and 2y yields up 9.9bp at 2.131%.
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