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US vs Germany 6bps tighter

BONDS
  • Tnotes are seeing small volumes (US memorial day) but are getting dragged lower by Europe, following the Spanish CPI beat.
  • Immediate small support in Bund comes at 152.77.
  • Worth keeping an eye on the Tnotes/Bund spread, now 6.4bps tighter, and lowest level since the end of March.
  • Next support comes at 169.05, and a break through the latter, will open to the 2022 low at 164.05.

Chart source: MNI/Bloomberg

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