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Gilts the biggest movers again

BONDS
  • Gilts have been the biggest movers again this morning, with 10-year yields up 2.3bp at writing as gilt futures continue their grind lower after hitting a high of 97.84 post-UK CPI on Wednesday. Futures are now more than 150 ticks lower but remain above Tuesday's closing levels. Moves have been more limited for 2-year gilts, leading to a bear steepening of the gilt curve.
  • Moves in USTs and Bunds have been very limited this morning - with moves generally around 1bp or less across curves.
  • Today's calendar sees no further data releases outside of Canadian data releases and with the FOMC/ECB meetings next week and the BOE the week after there are no scheduled speakers.
  • TY1 futures are down -0-1 today at 112-03+ with 10y UST yields up 0.1bp at 3.854% and 2y yields up 1.1bp at 4.852%.
  • Bund futures are down -0.04 today at 132.97 with 10y Bund yields unch at 2.484% and Schatz yields up 0.3bp at 3.175%.
  • Gilt futures are down -0.34 today at 962.26 with 10y yields up 2.7bp at 4.297% and 2y yields up 0.7bp at 4.968%.

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