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ECB Pres Lagarde delivered a dovish message in her post-meeting press conference, signaling a "recalibration" in policy at the December meeting that could encompass any or all of the bank's instruments (PEPP/QE adjustments, even, some market participants speculated, a rate hike?). Periphery spreads fell sharply though Bunds/Gilts didn't fully participate as they weakened in tandem w US Tsy selling (pre-election position squaring seen).

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 2bps at -0.809%, 5-Yr is down 1.9bps at -0.832%, 10-Yr is down 1.1bps at -0.636%, and 30-Yr is down 0.9bps at -0.224%.
  • UK: The 2-Yr yield is up 0.5bps at -0.057%, 5-Yr is up 0.5bps at -0.067%, 10-Yr is up 0.8bps at 0.221%, and 30-Yr is up 1.3bps at 0.767%.
  • Italian BTP spread down 6.2bps at 132.8bps
  • Spanish bond spread down 3.4bps at 76.9bps
  • Portuguese PGB spread down 3.5bps at 74bps
  • Greek bond spread down 10.7bps at 158.9bps

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