Drifting lower

Core fixed income markets have largely drifted lower this morning, but Bunds, gilts and Treasuries all remain comfortably above yesterday's intraday lows.

• There has only been tier 2 data this morning with UK consumer confidence data a bit soft but German consumer confidence data and Italian confidence data encouraging. There is some focus on the personal income/spending data from the US later today while we are also due to hear from the Fed's Kashkari, Mester, Rosengren and Williams.
• TY1 futures are down -0-0+ today at 132-04 with 10y UST yields down -0.4bp at 1.489% and 2y yields unch at 0.269%.
• Bund futures are down -0.18 today at 172.15 with 10y Bund yields up 1.0bp at -0.180% and Schatz yields down -0.2bp at -0.656%.
• Gilt futures are down -0.09 today at 127.77 with 10y yields up 1.1bp at 0.751% and 2y yields up 0.7bp at 0.071%.