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EGB/Gilts - Bull flattening post Powell

BOND SUMMARY
  • EGBs took their cue from US treasuries, and curves moved bull flatter on a Dovish Fed Powell.
  • On tapering: "We will continue these discussions in coming meetings." , which means that tapering decision won't likely be on the table for July.
  • On jobs; "There's still a long way to go."
  • EGB's moved higher with equities on reflation trade unwind.
  • Peripheral spreads have kept up pace with the German 10yr, and as such trade flat during the afternoon session.
  • Gilts saw similar price action, and have recovered all of the early sell off, on the back of the strong UK inflation data this morning.
  • Gilts are still in negative territory, but we trade at the high of the session 129.00, at the time of typing.
  • UK/Bund spread has widened by 2.3bps.
  • Gilt futures are down -0.19 today at 128.98 with 10y yields up 0.8bp at 0.639% and 2y yields unch at 0.085%
  • Bund futures are up 0.16 today at 174.28 with 10y
  • Bund yields down -1.7bp at -0.312% and Schatz yields down -0.3bp at -0.679%.
  • BTP futures are up 0.19 today at 153.09 with 10y yields down -1.4bp at 0.700% and 2y yields down -0.2bp at -0.411%
  • OAT futures are up 0.15 today at 160.47 with 10y yields down -1.9bp at 0.019% and 2y yields down -1.0bp at -0.650%.
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