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Highest yield since 3rd December 2018

BUNDS
  • Bund is off yesterday's lows, bringing the 10yr yield just off its highest level since 3rd December 2018.
  • Bund has a small opening gap from 164.71 down to 164.42, but the contract traded as low as 164.37 yesterday, in turn testing the 0.306% level.
  • Once again forward focus for Global contract are yield levels, as yields continue to hit multi year highs, with investors pricing, greater, faster hike cycles in the US, and this is also seen in Europe.
  • Recall overnight: ECB Lagarde " Raising interest rates would not solve any of the current problems,”
  • There is nothing left in terms of tier 1 data for Europe.
  • Main focus will be on the US Michigan on its inflation component.
  • SUPPLIES: Early focus is on the Italian supplies with EU3bn 2029, EU1.75bn 2041, and EU3bn 2024 (Equates combined to a 19k BTP). SPEAKER: ECB Elderson
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