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BONDS

European bond yields fully reversed a sharp rise after stronger-than-expected US inflation data over the course of Wednesday afternoon. Short end yields reversed lower as Fed hawkishness post-CPI was second-guessed. This allowed the UK and German curves to re-steepen after modest flattening earlier in the session.

  • Periphery spreads fell sharply, mirroring risk-on moves in equities.
  • Little impact from ECB headlines, as markets had already priced the news in: a BBG sources piece reporting ECB officials are increasingly seeing rates rising above zero this year, Pres Lagarde's comment that hikes could come "a few weeks" after net asset purchases in Q3 conclude left the door open for a July rate hike

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

  • Germany: The 2-Yr yield is down 2.2bps at 0.139%, 5-Yr is down 3.1bps at 0.659%, 10-Yr is down 1.5bps at 0.985%, and 30-Yr is down 0.2bps at 1.138%.
  • UK: The 2-Yr yield is down 4.2bps at 1.286%, 5-Yr is down 3.3bps at 1.45%, 10-Yr is down 2.4bps at 1.824%, and 30-Yr is up 0.9bps at 2.064%.
  • Italian BTP spread down 9.2bps at 190.9bps / Spanish down 6bps at 104.2bps

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