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Continuing to adjust to US CPI

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There have been big moves in core fixed income markets as market's continue to adjust to yesterday's US CPI print - with the bigger moves due to repricing of CB expectations in the UK and Europe. 2-year gilt and Schatz yields are both over 15bp higher on the day, while 2-year UST yields are only 4bp higher. Curves have bear flattened.

  • At the time of writing, we have seen gilt/Schatz yields easily surpass yesterday's highs while 2-uyear UST yields are close to their post-CPI peak.
  • In terms of other events today, we have an Italian confidence vote underway, with results expected around 11:00BST / 6:00ET. We also have the next round of the race to be next UK PM, with results expected around 17:00BST / 12:00ET with the bottom of the 6 candidates eliminated.
  • In terms of data today we also receive US PPI and weekly claims data.
  • TY1 futures are down -0-12 today at 118-17+ with 10y UST yields up 2.8bp at 2.963% and 2y yields up 4.2bp at 3.200%.
  • Bund futures are down -1.27 today at 151.35 with 10y Bund yields up 10.1bp at 1.242% and Schatz yields up 15.4bp at 0.592%.
  • Gilt futures are down -0.61 today at 115.32 with 10y yields up 6.0bp at 2.118% and 2y yields up 15.5bp at 1.939%.
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There have been big moves in core fixed income markets as market's continue to adjust to yesterday's US CPI print - with the bigger moves due to repricing of CB expectations in the UK and Europe. 2-year gilt and Schatz yields are both over 15bp higher on the day, while 2-year UST yields are only 4bp higher. Curves have bear flattened.

  • At the time of writing, we have seen gilt/Schatz yields easily surpass yesterday's highs while 2-uyear UST yields are close to their post-CPI peak.
  • In terms of other events today, we have an Italian confidence vote underway, with results expected around 11:00BST / 6:00ET. We also have the next round of the race to be next UK PM, with results expected around 17:00BST / 12:00ET with the bottom of the 6 candidates eliminated.
  • In terms of data today we also receive US PPI and weekly claims data.
  • TY1 futures are down -0-12 today at 118-17+ with 10y UST yields up 2.8bp at 2.963% and 2y yields up 4.2bp at 3.200%.
  • Bund futures are down -1.27 today at 151.35 with 10y Bund yields up 10.1bp at 1.242% and Schatz yields up 15.4bp at 0.592%.
  • Gilt futures are down -0.61 today at 115.32 with 10y yields up 6.0bp at 2.118% and 2y yields up 15.5bp at 1.939%.