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EGB/Gilt - Gilt future underperforms

BONDS
  • EGBs and Bund have recovered from their lows this afternoon, despite the US NFP beat.
  • Some looked at the Unemployment miss for the bid, but this has also been helped by more tilted dovish comments from Fed Collins and Barkin, supporting a slower pace of rate hikes, but for a lower period, while still being data dependent going forward.
  • This has in turn helped the shorter end (2yr, 5yr) leading higher.
  • All peripheral trade close to flat against the German 10yr, besides Italy, 1.1bp tighter at the time of typing.
  • Gilt future underperforms, after BoE Hauser, on the wind-down of temporary purchases: "We have been working at pace to design an exit strategy that meets these goals, and will be announcing our initial approach shortly.
  • when asked "If the Bank will sell its temporary holdings this year.
  • He has said we will "try and announce" a plan "shortly" and that we will should more information in a "week or two".
  • Looking ahead, ALL EYES will now be on the US CPI next week.
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