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Core FI lower as more fiscal spending expected; Georgia turns blue

BOND SUMMARY
  • Bonds have been under pressure this morning with curves bear steepening as betting markets are now pricing in a 99% chance of both Democratic candidates winning Senate seats in Georgia and hence the Democrats taking a clean sweep of the Presidency, House and Senate. This has led to expectations of larger fiscal stimulus alongside some policies which may potentially harm the profitability of certain sectors, such as tech.
  • It has been a busy morning for data. The Spanish services PMI beat expectations and the Italian services PMI was worse than expected with some small revisions lower to other Eurozone PMI data. French inflation data has come in softer than expected, while some of the German regional data is pointing to downside risks to the German national print due out later today. The Italian and pan-Eurozone inflation prints are both due out at 11:00GMT/6:00ET.
  • Across the pond, ADP employment, factory orders and the final print of durable goods will be watched, along with the FOMC Minutes from the December meeting.
  • TY1 futures are down -0-19+ today at 137-07+ with 10y UST yields up 7.1bp at 1.028% and 2y yields up 1.3bp at 0.136%.
  • Bund futures are down -0.67 today at 177.23 with 10y Bund yields up 3.4bp at -0.545% and Schatz yields up 1.3bp at -0.708%.
  • Gilt futures are down -0.56 today at 134.77 with 10y yields up 4.9bp at 0.257% and 2y yields up 2.9bp at -0.122%.
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