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Focus on MPC speakers today

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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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