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Core FI off the lows but still down on the day

BONDS
  • Core fixed income has moved off of its lows of the day, but has still trended downwards for most of the European session. There are no real headline drivers for the moves, but the move lower seems to be the market taking a bit of a breather after the rally which started shortly after the US CPI data was released on Wednesday. Curves have been bear steepening in general (although the gilt curve has been seeing more of a parallel shift).
  • Economic data is a bit on the thin side today with the highlight being the release of Michigan confidence data later today (including the inflation expectations component).
  • Speakers so far this morning have done little to move the needle. Forthcoming speakers include Fed's Kashkari and Mester as well as the ECB's Nagel and Schnabel.
  • TY1 futures are down -0-20+ today at 119-11+ with 10y UST yields up 5.5bp at 2.906% and 2y yields up 3.2bp at 2.594%.
  • Bund futures are down -0.06 today at 154.70 with 10y Bund yields up 4.6bp at 0.883% and Schatz yields up 1.4bp at 0.055%.
  • Gilt futures are down -0.17 today at 120.51 with 10y yields up 5.5bp at 1.714% and 2y yields up 5.0bp at 1.209%.
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