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Gilts underperform core FI as Mann remains hawkish

BONDS
  • Core fixed income has drifted lower in European hours, but Bunds, Treasuries and gilts all still remain some way above yesterday's lows.
  • The biggest moves this morning have been seen in gilts with a a largely shift in the curve following a hawkish speech from MPC member Catherine Mann. She was already known to be the hawk on the MPC but she seems a long was off from voting for rates to be unchanged. She has made no reference to the magnitude of future rate hikes but she notes that "more tightening is needed, and caution that a pivot is not imminent."
  • Looking ahead we have the second print of Q4 US GDP (and core PCE) as well as speeches from Fed's Bostic and Daly and ECB's de Cos and some US regional manufacturing surveys.
  • TY1 futures are down -0-5+ today at 111-01 with 10y UST yields up 2.5bp at 3.944% and 2y yields up 1.0bp at 4.705%.
  • Bund futures are down -0.35 today at 133.97 with 10y Bund yields up 2.2bp at 2.540% and Schatz yields up 0.2bp at 2.914%.
  • Gilt futures are down -0.48 today at 101.36 with 10y yields up 4.2bp at 3.640% and 2y yields up 4.2bp at 3.927%.
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