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EGB/Gilt - ALL EYES on the Fed​​

BONDS
  • A more mixed, steady session for EGBs and Bund, with futures trading within today's early ranges.
  • Volumes have been on the lower side, with most investors waiting on the FOMC, when a widely expected 75bps hike is set to be delivered.
  • From the MNI preview: "The primary question for the November meeting is, will the Fed clearly express a view that it currently expects to slow the hiking pace starting in December?
  • It’s likely we will get at least some hint in November that the FOMC is debating this idea, and that such a decision will be data-dependent – but that a stepdown in the hike path from 75 to 50 is hardly assured."
  • Peripheral spread are mostly close to wider against the German 10yr, Italy leads and sits 3.1bps wider at the time of typing.
  • Gilt future outperform, which is again helping the Gilt/Bund spread tighter this afternoon, now by 5bps.
  • The spread is at its tightest (lowest) level since the 31st August, trading at 128.00bps, with next immediate support coming at 125.00bps.
  • Looking ahead, it's all about the Fed and Powell's presser.
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