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Hitting new cycle lows again

BONDS
  • Core fixed income hit new cycle lows across the board again this morning (with TY, Bund, gilt and BTP futures all hitting multiyear lows). There have been no real headline drivers of the moves, but the moves have been partially reversed over the minutes leading up to writing. The initial trigger was probably spillover from a more hawkish-than-expected RBA, which raised rates by 25bp to 0.35% (rather than the 15bp hike that had been expected). Gilts have been the underperformers across the curve, but there appears no headline drivers behind this, either.
  • German and Eurozone unemployment data have come in largely in line with expectations while Eurozone PPI was a few tenths higher.
  • Probably the data higlight of the day will be US JOLTs, due for release at 15:00BST ahead of tomorrow's FOMC policy decision (which is widely expected to confirm a 50bp hike). We also have the final print of US durable goods and factory orders (both due at 13:30BST).
  • TY1 futures are down -0-23+ today at 118-13+ with 10y UST yields up 4.6bp at 2.983% and 2y yields up 4.4bp at 2.762%.
  • Bund futures are down -0.43 today at 153.16 with 10y Bund yields up 4.2bp at 0.979% and Schatz yields up 1.6bp at 0.269%.
  • Gilt futures are down -0.80 today at 117.64 with 10y yields up 9.0bp at 1.994% and 2y yields up 7.5bp at 1.654%.
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