May 26, 2023 13:00 GMT
Gilts & Bunds A Little Softer In Wake Of U.S. Data, But Fail To Challenge Session Cheaps
Gilts & EGBs take their cues from Tsys around the U.S. data, as you would expect. The initial cheapening halted as Tsys found a post-data base after a modestly hawkish re-pricing on the FOMC-dated OIS strip, with both Gilt & Bund futures failing to get anywhere near re-testing session lows. Bunds run 0.5bp to 1.5bp cheaper across the cash curve, with the belly leading the weakness, meanwhile, Gilts maintain their twist steepening posture, running 3bp richer to 2bp cheaper, pivoting at the 10-Year point.