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Fixed income remains under pressure

BOND SUMMARY

The fixed income sell-off has continued this morning with 10-year Bund yields approaching the highs seen in June 2020, 10-year Treasury yields also moving through yesterday's highs with 10-year gilt yields lagging (higher on the day but not through yesterday's highs).

  • Looking ahead there is a fair amount of US data - durable goods data for January, the second print of Q4 GDP and claims data. In addition we have speeches due from ECB's Lane and de Guindos and Fed's George, Bullard, Quarles and Williams.
  • TY1 futures are down -0-13 today at 134-24 with 10y UST yields up 6.8bp at 1.445% and 2y yields up 0.9bp at 0.134%.
  • Bund futures are down -0.56 today at 173.48 with 10y Bund yields up 4.0bp at -0.265% and Schatz yields up 1.0bp at -0.680%.
  • Gilt futures are down -0.31 today at 128.12 with 10y yields up 5.1bp at 0.781% and 2y yields up 2.4bp at 0.050%.
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