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Core FI bull steepening

BONDS
  • Small risk-off feeling to markets today, with core fixed income markets bull steepening as rate expectations get pared back.
  • Very little in the way of market-moving headlines this morning or data, except for the UK where it has been confirmed that Chancellor Sunak will make a statement at 12:30BST where he is expected to outline the government's updated cost of living strategy (see the Gilt bullet).
  • Speakers: Most are scheduled for the tail end or after the European session with ECB's Centeno and Fed's Brainard and Daly all due.
  • Data: Second print of US GDP as well as pending home sales and the Kansas City Fed manufacturing index.
  • TY1 futures are up 0-6+ today at 120-25+ with 10y UST yields down -1.3bp at 2.734% and 2y yields down -2.7bp at 2.468%.
  • Bund futures are up 0.33 today at 154.25 with 10y Bund yields down -2.8bp at 0.921% and Schatz yields down -3.8bp at 0.292%.
  • Gilt futures are down -0.24 today at 118.37 with 10y yields up 2.2bp at 1.930% and 2y yields up 0.8bp at 1.424%.
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