The risk-off posturing surrounding Trump that we have flagged elsewhere has allowed the flattening impetus to extend, YM +2.0 and XM +7.5, with the latter now comfortably through its SYCOM highs, with participants eying the Labour Day weekend. Swap spreads have widened on the move.

Today's ACGB 2039 supply was firm enough, with average yields pricing ~0.5bp through mids (based on BBG prices). The cover ratio was low by recent standards (~2.50x), but the tap was atypical, as we discussed ahead of the auction.
Local retail sales data was virtually in line with expectations, while the weekly AOFM issuance schedule returned to a more vanilla setting.
Bills unchanged to +2 through the reds.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

Bullet Markets Fixed Income News

Anthony Barton

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

Bullet Markets Fixed Income News

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Flatter On Trump News, ACGB Supply Absorbed