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Core Bonds Bid, With Gilts Tipped to Highest Since End-Sept

EGB SUMMARY
  • Bund futures trade well ahead of the NY crossover, with prices nearing Friday's best print of 171.24. In yield space, the German curve trades modestly flatter, with outperformance noted in the longer-end.
  • Bonds have received an underlying bid globally on the back of reports from the US that Brainard had been interviewed by Biden for the Fed Chair position, a story that's considerably boosted the implied odds for her succeeding over current Chair Powell.
  • In the UK, Gilts are similarly bid, gaining a tailwind from firmer German and US markets. Today's high print at 127.24 marks the highest price on the active contract since end-September.
  • US PPI data crosses later today, with M/M price pressures expected to tick higher ahead of Wednesday's possibly more influential CPI release. Central bank speak remains dominant, with Fed's Bullard, Powell Daly & Kashkari due as well as ECB's Lagarde, Knot and BoE's Bailey. Topics are varied, with speeches ranging from inequality to diversity to banking supervision.
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