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Hawkish ECB comments lead Bunds and core FI lower

BONDS
  • Bunds have led core fixed income lower this morning with hawkish comments first from Belgian National Bank Governor Wunsch and then Executive Board member de Guindos pushing yields higher. The front-end of the curve has moved the most, with the German curve bear flattening.
  • Looking ahead, the main data releases are the Philly Fed, US weekly claims and Eurozone consumer confidence - none are likely to move the docket too much.
  • Instead, there will be focus on speakers. BOE's Mann is due to speak at 14:00BST / 9:00ET on monpol while we hear from the head of the BOE, Fed and ECB later today too: Governor Bailey at 17:30BST / 12:30ET and Powell and Lagarde on a panel together at 18:00BST / 13:00ET.
  • TY1 futures are down -0-10+ today at 119-05+ with 10y UST yields up 4.2bp at 2.877% and 2y yields up 4.4bp at 2.622%.
  • Bund futures are down -0.67 today at 153.94 with 10y Bund yields up 6.2bp at 0.916% and Schatz yields up 10.8bp at 0.148%.
  • Gilt futures are down -0.41 today at 117.99 with 10y yields up 4.0bp at 1.954% and 2y yields up 5.5bp at 1.622%.
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