After a strong start to the European trading session, core fixed income has moved off its highs. Curve moves have diverged, however, with the UST curve bull steepening, the gilt curve seeing a parallel move and the German curve bull flattening.
The risk-off nature of the move was largely triggered by further concerns about Covid-19 cases in China.
Looking ahead the main event of the day will be Bailey and three other FPC members testifying ahead of the Treasury Select Committee following the recent FSR.
TY1 futures are up 0-9 today at 117-29 with 10y UST yields down -2.0bp at 3.062% and 2y yields down -3.5bp at 3.074%.
Bund futures are up 0.56 today at 150.63 with 10y Bund yields down -5.0bp at 1.291% and Schatz yields down -4.6bp at 0.466%.
Gilt futures are up 0.19 today at 114.63 with 10y yields down -3.8bp at 2.193% and 2y yields down -3.8bp at 1.874%.

Homepage Bullet Markets Fixed Income News Foreign Exchange News

Tim Davis

Homepage Bullet Markets Fixed Income News Foreign Exchange News

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Core FI curves diverging