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Thursday's ECB decision to accelerate its exit from asset purchases earlier than expected - with Pres Lagarde calling the Ukraine-Russia war a "substantial upside risk" to inflation.

  • EGB curves bear flattened as rate hike expectations were brought forward: 2Y-5Y German bonds underperformed.
  • Real yields rose sharply as breakeven inflation expectations slipped.
  • BTPs underperformed, with 10Y spreads out over 16bps.
  • Conversely, UK short-end yields headed lower.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 10.6bps at -0.381%, 5-Yr is up 10.9bps at -0.002%, 10-Yr is up 5.8bps at 0.274%, and 30-Yr is up 2.4bps at 0.451%.
  • UK: The 2-Yr yield is down 6.5bps at 1.351%, 5-Yr is down 2.3bps at 1.303%, 10-Yr is down 0.3bps at 1.523%, and 30-Yr is up 0.9bps at 1.695%.
  • Italian BTP spread up 16.6bps at 162.9bps / Spanish up 6.6bps at 99.3bps

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