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EGBs-GILTS CASH CLOSE: Pre-Fed Bear Flattening

BONDS

European curves bear flattened ahead of the Federal Reserve decision after the cash close.

  • A positive risk tone (equities green across the board) helped underpin Bund yields.
  • In the last hour of the session, short-end yields sold off sharply, with some desks pointing a possible early release of the Rhineland-Palatinate July CPI (German state/national due out tomorrow) which showed a strong M/M reading.
  • German 2s10s hit the flattest level since June 14.
  • UK instruments underperformed beyond the short end, with the 10Y spread to Germany nearing the April high of 106.1bp.
  • Italian spreads widened following Tuesday's downward S&P outlook revision.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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European curves bear flattened ahead of the Federal Reserve decision after the cash close.

  • A positive risk tone (equities green across the board) helped underpin Bund yields.
  • In the last hour of the session, short-end yields sold off sharply, with some desks pointing a possible early release of the Rhineland-Palatinate July CPI (German state/national due out tomorrow) which showed a strong M/M reading.
  • German 2s10s hit the flattest level since June 14.
  • UK instruments underperformed beyond the short end, with the 10Y spread to Germany nearing the April high of 106.1bp.
  • Italian spreads widened following Tuesday's downward S&P outlook revision.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less