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Futures plummet

BONDS
  • A busy morning session for Govies, as Desks return from the Easter Bank Holiday.
  • Bonds plummeted across the board, to push yields at new multi year highs.
  • Fed Bullard repeated that he was in favour of a 50bps hike, also ECB Holzmann's comment from Friday, that the Depo rate should be raised by 50bps in Fall, made the round again this morning.
  • Longs in Futures capitulated, and Bund tested above 0.90% in Yield.
  • Peripheral spreads are all tighter against the German 10yr, with Greece in the lead by 2.4bps.
  • Gilt led the way lower (Yield higher), and plummeted, to test the next psychological upside yield level at 2.00%, printed a 1.99% high, which has so far held on receiving interest.
  • US treasuries followed through, with 10yr yield breaking above 2.90%, now at 2.888% at the time of typing.
  • Looking ahead, there are no tier 1 data for today, and early focus for Europe will be on the German Bobl supply.
  • Speakers, include Fed Evans, and SNB Jordan.
  • Earning season continues, with Halliburton, J&J, Lockheed, and after markets, Netflix and IBM
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