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Curve Flattening Bias Amid Heavy Volumes

BOND SUMMARY
  • Curves trade with a flattening bias ahead of the NY crossover, with EGBs trading firmly amid heavy volumes. Dec-21 Bund futures have seen activity running at around 30% ahead of average for this time of day, pressuring German 10y yields to -0.162%, the lowest level since Oct19.
  • Aussie bond markets also took focus overnight, with the curve aggressively flattening thanks to a solid CPI report. While headline CPI was inline with forecast, both the weighted median and trimmed mean figures were well ahead of forecast. The 3yr yield surged over 15bps in response.
  • Markets were already trading modestly shakily across early Europe, but the selling pressure accelerated as the US Democrats unveiled the finer details of a Billionaire tax, which would see those with billionaire status taxed 23.8% annually based on asset price gains.
  • Focus turns to US prelim durable goods data, seen declining at a pace of 1.1% on the month, shortly followed by the Bank of Canada rate decision at which the board are seen keeping rates unchanged, but slowing the rate of asset purchases as the Bank continues to wean the economy off pandemic-stance policy.
  • The US sells 2y floating rate notes and 5yr at auction later today.
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