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EGBS: Light Recovery As Crude Moves Off Highs; Headline Flow Light

EGBS
BulletFixed Income Bullets

EGBs have ticked away from intraday lows alongside wider core FI, but the recovery has been limited with volumes still light owing to the Whit Monday holiday.

  • Bunds are -8 ticks at 130.74, after bottoming at 130.48 this morning.
  • Crude futures’ move off highs will have provided some support, while notable headline flow remains very light.
  • ECB-dated OIS contracts price 67bps of cuts through the remainder of this year, up from a low of 65bps this morning.
  • A 25bps cut in June remains ~90% discounted.
  • Fedspeak headlines the remainder of today’s global macro calendar, with ECB President Lagarde scheduled to speak tomorrow morning.
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EGBs have ticked away from intraday lows alongside wider core FI, but the recovery has been limited with volumes still light owing to the Whit Monday holiday.

  • Bunds are -8 ticks at 130.74, after bottoming at 130.48 this morning.
  • Crude futures’ move off highs will have provided some support, while notable headline flow remains very light.
  • ECB-dated OIS contracts price 67bps of cuts through the remainder of this year, up from a low of 65bps this morning.
  • A 25bps cut in June remains ~90% discounted.
  • Fedspeak headlines the remainder of today’s global macro calendar, with ECB President Lagarde scheduled to speak tomorrow morning.