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Gilts take centre stage

BONDS
  • In what has been a relatively stable European morning session for Treasuries and Bunds, gilts have taken centre stage.
  • Gilts sold off at the open with the curve shifting around 1.0bp after a stronger than expected CPI print combined with yesterday's positive payroll market report. However, the market seems to be taking a bit of a breather with the short sterling strip (which had been 3-4 ticks lower on the day through Reds and Greens on the open, now around 3-4 ticks higher on the day. A December hike is still almost fully priced while a February hike is still also heavily priced.
  • Looking ahead, the calendar is fairly light with the highlights being central bank speakers: ECB's Schnabel, Fed's Williams, Mester, Daly, Waller, Evans and Bostic and BOE's Mann are all scheduled. On the data front we have US housing data.
  • TY1 futures are up 0-01 today at 130-06+ with 10y UST yields down -0.7bp at 1.628% and 2y yields down -0.3bp at 0.516%.
  • Bund futures are up 0.13 today at 170.90 with 10y Bund yields down -1.0bp at -0.254% and Schatz yields down -0.6bp at -0.832%.
  • Gilt futures are down -0.01 today at 125.80 with 10y yields down -1.6bp at 0.972% and 2y yields down -2.5bp at 0.574%.
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