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Core FI higher; Sunak ponders whether to delay UK fiscal announcement

BONDS
  • Core fixed income has pressed higher this morning with both Bunds and Treasuries marginally exceeding yesterday's highs.
  • UK politics is again in focus with PM Sunak holding his first Cabinet meeting this morning and an announcement on the timing of the fiscal statement likely to be announced some time today. The Times reports reported overnight that a delay of a couple of days (to still be ahead of next Thursday's BOE announcement) or a more substantial delay to later in November (and changing to a full Budget) are both options under consideration to allow Sunak some input on the measures.
  • In terms of data for the rest of the day, the highlights are US inventory, advanced goods trade data and new home sales. With the ECB meeting tomorrow and the Fed/BOE meeting next week there are headline speakers due today. Focus will instead be on the outcome of tomorrow's meeting with another 75bp hike widely expected, but question marks over whether the ECB will change any terms on its TLTRO operations or introduce reverse tiering.
  • TY1 futures are up 0-10 today at 110-28 with 10y UST yields down -4.2bp at 4.061% and 2y yields down -2.7bp at 4.438%.
  • Bund futures are unch today at 138.21 with 10y Bund yields up 0.3bp at 2.170% and Schatz yields up 2.3bp at 1.983%.
  • Gilt futures are down -0.20 today at 101.18 with 10y yields up 1.4bp at 3.642% and 2y yields up 0.5bp at 3.308%.
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