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EGB/Gilt - A very busy afternoon session

BONDS
  • A very busy afternoon session, with Yields spiking higher in the US and Europe, after the US CPI beat expectations.
  • Curves have bear flattened, with one of the largest move seen in US 5/30 in a year.
  • German 2yr Yield tested 0.95%.
  • Greek 10yr Yield tested highest level since January 2019.
  • Greek/Bund spread sits 22.8bps wider, with the spread trading at widest levels since March 2020.
  • US Michigan, saw Consumer sentiment declined by 14% from May, reaching lowest recorded value, comparable to the trough reached in the middle of the 1980 recession.
  • Consumers' assessments of their personal financial situation worsened about 20%.
  • Forty-six percent of consumers attributed their negative views to inflation, up from 38% in May; this share has only been exceeded once since 1981, during the Great Recession (as per the UMich report:).
  • Gilt is underperforming Bund, pushing the Gilt/Bund spread 3.3bps wider, although trading within yesterday's range.
  • Looking ahead, attention turns to the FOMC and the BoE next week.
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