European bonds have consolidated........>

EGB SUMMARY: European bonds have consolidated early gains in the afternoon

Thursday, with the dovish Fed and Brexit uncertainty setting the tone. 

- The Jun 19 Bund future is up 52 ticks at 164.77, day's high was 164.93. Traded

164.22 prior to the FOMC decision Wednesday.

- Buxl outperforming: 2-Yr yield is down 1.4bps at -0.545%, 5-Yr is down 3bps at

-0.359%, 10-Yr is down 4bps at 0.044%, and 30-Yr is down 5.1bps at 0.686%.

- French yields are also dropping fast, 10-Yr OAT down 6bps at 0.398%. Spread vs

Germany back below 36bps.

- Core EGBs being boosted by rising risk perception of `no deal` Brexit.

- Long-end Italian yields are dropping fast: 10-Yr is down 8.3bps at 2.443%,

bringing spread vs Germany down 4.3bps. 

- Spanish and Greek 10-Yr spreads are down 1.5-2bps; Portugal is slightly wider

(0.5bps), albeit after several days of strong gains.

- Eurozone March flash consumer confidence data out this afternoon was in line

with expectations at -7.2 (-7.4 in Feb).

- Friday sees March Markit PMI for France, Germany, and EZ.