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Core yields breaking higher

BONDS

It's unclear exactly what has triggered the big move across core fixed income we have just seen but we have broken a number of psychological levels in the move:

  • 2-year UST yield has broken above 2.00% for the first time since May 2019.
  • After trying to break above 0.40% through the second half of last week, 10-year Bund yields have now convincingly broken the level to move to their highest levels since November 2018. Similar breaks higher across the German curve all the way from Bobls to 30-year Bunds.
  • 30-year gilt yields also at their highest levels since February 2019.
  • These breaks are likely triggering stops and further fuelling the moves.
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