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Giving back some of yesterday's CPI rally

BONDS
  • Core fixed income has been drifting lower this morning, but remains well above pre-US CPI levels. The biggest moves have been seen in Treasury futures, but cash USTs are closed today for Veterans Day.
  • The gilt curve has flattened today after the BOE announced after the close yesterday that it would commence sales of long-dated and index-linked gilts on 29 November (not the QE stock, but the "temporary" purchases from October). We have also received UK activity data which was mixed - Q3 GDP was better than expected but still contractionary - and September's data is hard to interpret with the extra bank holiday for the Queen's funeral.
  • Looking ahead we will hear from BOE's Haskel and Tenreyro today as well as a number of ECB speakers.
  • On the data calendar, the highlight will be Michigan inflation expectation data.
  • TY1 futures are down -0-2 today at 112-14+ with 10y UST yields unch at 3.814% and 2y yields unch at 4.334%.
  • Bund futures are down -0.66 today at 139.84 with 10y Bund yields up 3.9bp at 2.044% and Schatz yields up 6.8bp at 2.045%.
  • Gilt futures are down -0.29 today at 104.89 with 10y yields unch at 3.286% and 2y yields down -1.0bp at 3.045%.
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