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Gilts underperform after UK labour market data

BONDS
  • Gilts have been the underperformers this morning with the curve bear flattening following the release of this morning's UK labour market report which showed private sector wage growth to be remaining persistently high, increasing the probability of a 25bp May hike and also seeing market price in a higher terminal rate.
  • The German curve has also flattened a bit, albeit moves in Schatz and Bunds are much smaller than those in gilts, while USTs have largely flatlined through the European trading session so far.
  • Looking ahead we will receive housing data in the US later today but markets also have one eye on tomorrow's UK inflation print.
  • TY1 futures are down -0-1 today at 114-10+ with 10y UST yields down -0.3bp at 3.599% and 2y yields down -1.4bp at 4.182%.
  • Bund futures are down -0.11 today at 133.57 with 10y Bund yields up 2.6bp at 2.496% and Schatz yields up 3.1bp at 2.898%.
  • Gilt futures are down -0.54 today at 101.16 with 10y yields up 6.1bp at 3.749% and 2y yields up 8.1bp at 3.677%.
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