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Further Cheapening Post CPI

BTP

Comments from ECB's Vasle prompts further cheapening in BTPs.

  • Vasle's (leaning hawk) comments revolved around starting the QT debate in the ECB, and called on governments to adjust fiscal policy in response to elevated inflation. These headlines are particularly relevant for Italy given fiscal concerns circulating in recent weeks and the sensitivity of periphery spreads to QT.
  • Since the stronger than expected US CPI print, 10-year BTP/Bund spreads have widened almost 4bps, and now sit 1.2bps wider at 196.3bps on the day.
  • The 2s10s curve bear steepened following the CPI release, but remains 1.2bps tighter at 73.6bps.
  • Portugal remains the outperformer in the periphery space today, with the 10-year PGB/Bund spread 1.8bps tighter at 71.8bps.
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