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Gilts lead the way higher again

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  • Gilts are once again the biggest movers in core FI space with SONIA futures up more than 10 ticks on the day following this morning's PPI prints (which saw further softening of input and output prices in both November and December). UK terminal rate pricing has fallen to around 95bp from 100bp at yesterday's close but pricing for next week's meeting has only moved a little lower to 44bp (from 45bp).
  • The German IFO data was mixed with expectations better than expected but the current assessment a little worse and there are no scheduled Fed, ECB or BOE speakers as we approach next week's meetings.
  • The moves higher in core FI have been consistent with the sell off in equities.
  • TY1 futures are up 0-5+ today at 115-06+ with 10y UST yields down -2.2bp at 3.433% and 2y yields down -0.3bp at 4.148%.
  • Bund futures are up 0.65 today at 138.98 with 10y Bund yields down -4.3bp at 2.106% and Schatz yields down -3.2bp at 2.500%.
  • Gilt futures are up 0.80 today at 105.64 with 10y yields down -6.4bp at 3.209% and 2y yields up 1.7bp at 3.368%.
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  • Gilts are once again the biggest movers in core FI space with SONIA futures up more than 10 ticks on the day following this morning's PPI prints (which saw further softening of input and output prices in both November and December). UK terminal rate pricing has fallen to around 95bp from 100bp at yesterday's close but pricing for next week's meeting has only moved a little lower to 44bp (from 45bp).
  • The German IFO data was mixed with expectations better than expected but the current assessment a little worse and there are no scheduled Fed, ECB or BOE speakers as we approach next week's meetings.
  • The moves higher in core FI have been consistent with the sell off in equities.
  • TY1 futures are up 0-5+ today at 115-06+ with 10y UST yields down -2.2bp at 3.433% and 2y yields down -0.3bp at 4.148%.
  • Bund futures are up 0.65 today at 138.98 with 10y Bund yields down -4.3bp at 2.106% and Schatz yields down -3.2bp at 2.500%.
  • Gilt futures are up 0.80 today at 105.64 with 10y yields down -6.4bp at 3.209% and 2y yields up 1.7bp at 3.368%.