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ECB repricing pushing yields higher

BONDS
  • Core fixed income has moved lower this morning, led by EGBs and gilts. There have been no headline triggers for the move but there has also been an increase in market expectations of ECB hikes this year driving the moves.
  • With little in the way of data on the calendar, the focus today will be on politics and central bank speakers. We have already heard from a number of ECB speakers (nothing really new). Still due are the Fed's Williams and the Riksbank's Ingves (the latter in his role as ESRB VP so unlikely to focus on monpol).
  • We also have Governor Bailey, Ramsden, Haskel and Saunders all testifying before the Treasury Select Committee at 15:15BST / 10:15ET today with regards to the MPR. Note that Haskel is the only one of these MPC members who we have not heard from since the May MPC meeting.
  • TY1 futures are up 0-2+ today at 119-08 with 10y UST yields up 0.5bp at 2.926% and 2y yields up 1.8bp at 2.600%.
  • Bund futures are down -0.54 today at 153.22 with 10y Bund yields up 5.2bp at 0.996% and Schatz yields up 4.8bp at 0.146%.
  • Gilt futures are down -0.36 today at 119.88 with 10y yields up 3.6bp at 1.778% and 2y yields up 3.2bp at 1.264%.
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