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EGB / GILT: US events dominate today but looking ahead to ECB/BOE

BONDS
  • EGBs and gilts are sitting a bit shy of their highs of the day but 10-year bonds remain higher on the day and with little movement in the 2-year space we have seen curve bull flatten this morning.
  • Markets already have one eye on tomorrow's ECB meeting (and gilts to next week's MPC meeting) but the main events of today are focused on the US side: ADP employment, final print of S&P US services PMI, ISM services and of course the FOMC policy decision and Powell's press conference.
  • Spreads have been a bit directionless today with Portuguese and Spanish spreads widening a little but Greek and Italian spreads tightening - although in all instances we are looking at relatively small moves.
  • Bund futures are up 0.14 today at 136.38 with 10y Bund yields down -1.3bp at 2.243% and Schatz yields up 1.4bp at 2.624%.
  • Gilt futures are up 0.16 today at 102.14 with 10y yields down -1.4bp at 3.652% and 2y yields up 0.6bp at 3.731%.
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