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EGB/GILT - Underpinned post Powell

BONDS
  • EGBs are trading flat after finding a bid after Fed Powell was leaning on the Dovish side compared to other Fed speakers.
  • He mentioned that Inflationary rises has already subsided.
  • Treasuries have pushed higher, dragging Bund back above 176.00 briefly.
  • Peripherals are mixed versus the German 10yr, Italy is 1.1bp tighter, and Greece 1.4bp wider.
  • Gilts are following suits with EGBs, up 12 ticks at the time of typing.
  • Looking ahead, after market, sees ratings from:
  • Fitch on Poland (current rating: A-; Outlook Stable)
  • Moody's on The European Financial Stability Facility (current rating: Aa1; Outlook Stable), The European Stability Mechanism (current rating: Aa1; Outlook Stable) & France (current rating: Aa2; Outlook Stable)
  • DBRS Morningstar on Portugal (current rating: BBB (high), Stable Trend), Slovakia (current rating: A (high), Stable Trend) & Sweden (current rating: AAA, Stable Trend)

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