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Dovish, if not particularly surprising, comments on inflation by ECB President Lagarde early Thursday resulted in a constructive session across the European FI space.

  • Periphery yields compressed as well on the ECB pushback on tightening (de Cos also appeared, reiterating no hikes expected in 2022); Italy outperformed.
  • Data wasn't much of a market mover (incl weak French confidence data), but record-high German PPI was of some note.
  • Last major data point of the week is UK retail sales first thing Friday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 0.7bps at -0.577%, 5-Yr is up 4.5bps at -0.296%, 10-Yr is down 1.2bps at -0.024%, and 30-Yr is down 2.1bps at 0.272%.
  • UK: The 2-Yr yield is down 0.9bps at 0.899%, 5-Yr is down 1.4bps at 1.043%, 10-Yr is down 3.1bps at 1.225%, and 30-Yr is down 2.5bps at 1.347%.
  • Italian BTP spread down 2.5bps at 132.6bps / Greek down 1.2bps at 173.1bps
MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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