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Yield Curves Off Inverted Lows


Waller Shows 100Bp Hike the Exit

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BOND SUMMARY: EGB/Gilt: While equities and FX markets trade in a risk-off
fashion, European govies are trading mixed. 
- Gilts have firmed and recovered yesterday's losses. Cash yields are broadly
2-3bp lower and the curve is close to flat overall.
- Bunds have firmed and trade a touch above yesterday's closing levels. Current
yields: 2-year -0.6728%, 5-year -0.6531%, 10-year -0.4554%, 30-year -0.0271%.
- OATS trade mixed and close to unch on the day.
- BTPs have sold off with cash yields 1-3bp higher on the day.
- Supply this morning came from France (OATs, EUR10.8n & Linkers, EUR1bn), Spain
(Bonos/Oblis, EUR6bn) and Ireland (bills, EUR0.75bn).
- Attention is fixed on the upcoming ECB meeting today. Consensus expects no
change in monetary policy, but there could be a lot of interesting questions
around the ECB's interpretation of recent economic data and how it will
determine when the coronavirus crisis is over (which will determine the PEPP
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |

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