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Gilts And Bunds Bounce From Session Lows, Retrace Some Bear Flattening


Gilts and Bunds have come off session lows in the last 45 minutes, with cash curves reversing some earlier bear flattening as equities pull back.

  • The start of the move higher just about coincides with ECB Centeno's comments on being "patient on policy transmission", "don't see long-term inflation expectations deanchoring", "no signs of second-round wage effects", but those comments over the wire are unsurprising and probably not contributing much to the move (Centeno has already made a couple of appearances in the past couple of sessions).
  • Futures-wise, front Gilt is up 65 ticks from the low at 104.56, still off 125 ticks on the day; Bund up 63 ticks from the low at 136.80, 120 ticks down on the day.

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