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Core fixed income higher; gilts seeing biggest moves again

BONDS

Core fixed income markets are again at the mercy of Ukraine-related headlines this morning. After rallying on reports of Ukraine firing shells on seperatists ahead of the European open, further reports of shelling around 8:30GMT saw core FI spike higher before giving up most of those gains.

  • Gilts are again the biggest movers and again seeing upside pressure. 2-year yields are down 7.8bp on the day with 10-year yields down 3.9bp. Again, no UK specific headlines but just the market reaction to having become so stetched in terms of what's priced in.
  • In terms of events later, ECB's Lane will appear in an MNI webcast (click here to register) at 14:00GMT / 9:00ET today, with any comments on ECB policy and inflation likely to be closely watched by markets. We are also due to hear from the Fed's Bullard and Mester as well as receive US housing data.
  • TY1 futures are up 0-9+ today at 126-03+ with 10y UST yields down -3.2bp at 2.008% and 2y yields down -4.0bp at 1.484%.
  • Bund futures are up 0.22 today at 165.45 with 10y Bund yields down -1.6bp at 0.258% and Schatz yields down -2.0bp at -0.389%.
  • Gilt futures are up 0.32 today at 120.47 with 10y yields down -3.9bp at 1.484% and 2y yields down -8.1bp at 1.320%.
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