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EGBs-GILTS CASH CLOSE: Powell Completes The Rout

BONDS

Yields surged to start the week, with UK yields up double-digits across the curve, and the German curve bear steepening.

  • Yields climbed steadily throughout the session. Among other milestones, 10Y Bund yields hit the highest since 2018.
  • Hawkish comments by Federal Reserve Chair Powell toward the end of the European session (including hinting strongly at a 50bp rate hike) completed the rout.
  • Not exactly a risk-on session, with equities mixed at best; performances in periphery likewise mixed (BTP spreads higher, Greece lower).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 5.4bps at -0.284%, 5-Yr is up 8.6bps at 0.176%, 10-Yr is up 9.7bps at 0.47%, and 30-Yr is up 9.7bps at 0.658%.
  • UK: The 2-Yr yield is up 11.3bps at 1.322%, 5-Yr is up 13.4bps at 1.378%, 10-Yr is up 14.1bps at 1.638%, and 30-Yr is up 12.3bps at 1.866%.
  • Italian BTP spread up 2bps at 153.9bps / Greek down 5.1bps at 222bps
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