EGB/Gilt - Mainly flat heading into Fed Powell

A quiet start for EGBs and cross assets, as the street awaits Fed Powell at 10.00ET/15.00BST.

• Most markets are trading close to flat on the session.
• The standout is the BTP, which is outperforming Bund, in turn pushing the spread 1.3bps tighter.
• Gilts trade in a 18 ticks range (128.43/128.61), and are also flat in the early session.
• Looking ahead, US, Wholesale Inventories and PCE deflator are the highlight, while Michigan will be final reading.
• All eyes on Powell and many Fed speakers throughout the session.
• Gilt futures are up 0.01 today at 129.57 with 10y yields down -0.6bp at 0.594% and 2y yields down -1.2bp at 0.127%.
• Bund futures are down -0.02 today at 175.91 with 10y Bund yields down -0.6bp at -0.414% and Schatz yields unch at -0.740%.
• BTP futures are up 0.25 today at 154.01 with 10y yields down -1.8bp at 0.651% and 2y yields down -0.2bp at -0.489%
• OAT futures are down -0.01 today at 161.54 with 10y yields down -0.5bp at -0.58% and 2y yields up 0.1bp at -0.720%.