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EGB/Gilt off the lows, after  the US CPI sell off

BONDS
  • EGBs and Bund, as well as Equities have reversed some of the post US CPI beat sell offs.
  • Airfares was Roughly Half The Surprise In Core CPI, Core services on fire, +0.72% M/M, a fresh post-1990 high.
  • Airfares +18.6% M/M, and rent of primary residences bounce back from unusually low March print (0.56% from 0.43% prior).
  • Core goods remain relatively subdued at +0.18% (following March's 0.42% contraction).
  • Peripheral spread are all tighter against the German 10y, with Italy in the lead, by 8.1bps at 191.6.
  • Gilt has traded in line with Europe, translating in a close to flat Gilt/Bund spread.
  • Most notable move for the UK is the 5s/30s steepening above the 2022 peak, and now at highest level since October at 59.504.
  • Gilt futures are down -0.41 today at 118.73 with 10y yields up 4.4bp at 1.890% and 2y yields up 3.1bp at 1.346%.
  • Bund futures are down -0.59 today at 152.36 with 10y Bund yields up 5.4bp at 1.052% and Schatz yields up 0.7bp at 0.163%.
  • BTP futures are up 0.53 today at 128.27 with 10y yields down -2.6bp at 2.972% and 2y yields down -7.3bp at 0.828%.
  • OAT futures are down -0.28 today at 144.74 with 10y yields up 4.0bp at 1.573% and 2y yields down -0.2bp at 0.178%.
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