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Eventual Modest Cheapening Post-ECB

  • 2YY have drifted +2bp higher than a few minutes prior to the ECB decision, having initially flickered 2bps richer before more than retracing the move. Keeps to twist flattening with 2YY +0.8bps, 10YY -4.2bps on the day.
  • Similar moves in TYZ2, now sitting 3 ticks lower at 116-14 after a spike to 116-23 didn’t test firm resistance eyed at 116-26 (Sep 2 high).

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