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Drifting lower

BONDS
  • Core fixed income has drifted lower in European hours, with little in the way of real drivers and seemingly just reversing some of yesterday's moves.
  • There is very little on the data calendar today, and the only notable CB contribution has come via a Reuters interview this morning of BOE's Ramsden who said that he hasn't decided what to vote for at the next meeting but that further rate rises were probably needed, although he also acknowledged that Bank Rate could be cut next year, potentially "quite quickly". His comments had little market impact.
  • Markets are already looking forward to tomorrow's US CPI print with continued low liquidity.
  • TY1 futures are down -0-7+ today at 119-20 with 10y UST yields up 3.3bp at 2.791% and 2y yields up 1.7bp at 3.225%.
  • Bund futures are down -0.46 today at 156.25 with 10y Bund yields up 3.3bp at 0.928% and Schatz yields up 3.8bp at 0.476%.
  • Gilt futures are down -0.22 today at 117.36 with 10y yields up 2.2bp at 1.972% and 2y yields up 1.2bp at 1.868%.
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