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BOND SUMMARY: Following yesterday's FOMC meeting in which Chair Powell played
down recent low inflation readings and effectively dismissed the likelihood of
near-term policy rate cuts, UST futures have continued to edge lower. TYM9
trades at 123-12, 1 tick off the low.
- The focus today will be the Bank of England meeting. No major policy
announcements are expected, but the MPC voting split will be closely watched.
With the immediate risk of a no-deal Brexit off the table, one or two members
could see scope to hike the bank rate. Gilt yields are broadly 2-3bp higher on
the day and the curve has flattened slightly. Short sterling futures are 1.0-3.0
- Core EGBs have traded weaker this morning, albeit within a tight range. The
Jun-19 bund future trades at 165.20, near the middle of the day's range.
- Italian BTPs have rallied with yields ~1bp lower on the day and 4-5bp down
from the intraday highs.
- Euribor futures are broadly flat/0.5 ticks lower.