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Grinding lower

BONDS
  • Outside of a spike higher in Bunds on the release of the ECB's Bank Lending Survey and German IGO this morning, the general direction of travel for core FI has been a little lower with EGBs/gilt respecting yesterday's ranges while UST futures have moved to their lowest level since US CPI was released on 12 July.
  • Curves are lacking a bit of direction with the UST curve bear steepening, the German curve seeing a largely parallel shift while the gilt curve has bear flattened.
  • With only second tier data on the docket for the rest of the day, markets are already looking forward to tomorrow's FOMC policy decision, and to a lesser extent the ECB meeting on Thursday and BoJ meeting on Friday.
  • TY1 futures are down -0-8 today at 111-26 with 10y UST yields up 1.7bp at 3.891% and 2y yields up 0.4bp at 4.866%.
  • Bund futures are down -0.27 today at 133.45 with 10y Bund yields up 2.3bp at 2.442% and Schatz yields up 2.2bp at 3.048%.
  • Gilt futures are down -0.14 today at 966.66 with 10y yields up 0.4bp at 4.253% and 2y yields up 2.9bp at 4.936%.
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