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Core FI reverses early losses

BONDS

Core fixed income has reversed the majority of its early losses.

  • Early European trading was characterized by EGBs and gilts catching up with the weakness seen in USTs - largely as a result of yesterday's poor 5-year UST auction. Curves remain somewhat steeper versus yesterday.
  • US 10-year yields also hit a high of 4.9873% shortly after the European open, but have since moved around 4bp off these levels.
  • It's set to be a busy day with both the ECB meeting and some key US data due (most notably Q3 GDP and core PCE).
  • TY1 futures are up 0-1 today at 105-22+ with 10y UST yields down -0.7bp at 4.950% and 2y yields down -0.2bp at 5.120%.
  • Bund futures are down -0.05 today at 128.08 with 10y Bund yields down -0.3bp at 2.885% and Schatz yields down -0.8bp at 3.111%.
  • Gilt futures are unch today at 922.24 with 10y yields down -0.5bp at 4.603% and 2y yields down -1.7bp at 4.814%.
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