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Focus on MPC speakers today


Core fixed income has drifted higher today with curves bull flattening. Futures have moved above the highs of both Thursday and Friday across Treasuries, Bunds and gilts.

  • Against this backdrop, equities are moving higher and commodities and breakevens have generally fallen a little today.
  • Looking ahead, the main event of the day will be the four MPC members testifying ahead of the TSC ahead of a big week for UK data (including both labour market and inflation data).
  • ECB's Lagarde has been speaking to the ECON Committee of the European Parliament but has not really said anything new or market moving.
  • TY1 futures are up 0-9 today at 130-26 with 10y UST yields down -1.9bp at 1.545% and 2y yields down -0.8bp at 0.506%.
  • Bund futures are up 0.37 today at 171.22 with 10y Bund yields down -1.8bp at -0.278% and Schatz yields down -0.4bp at -0.823%.
  • Gilt futures are up 0.28 today at 126.63 with 10y yields down -2.8bp at 0.883% and 2y yields down -2.4bp at 0.493%.

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