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Holzmann and UK inflation expectations drive markets idiosyncratically

BONDS
  • There appears no overarching driver across FI space this morning with markets having seemingly already digested this week's Fed and ECB decisions.
  • The main talking points this morning for EGBs stem from comments from ECB's Holzmann, who is normally on the hawkish side of the spectrum but was discussing data dependence today.
  • For gilts, the BOE/Ipsos inflation attitudes survey showed inflation expectations falling back - which has seen gilts as the outperformers this morning amongst core FI.
  • Looking ahead we are due to receive Michigan confidence data later today along and we are also due to hear from ECB's Villeroy and Fed's Waller and Barkin.
  • TY1 futures are down -0-3 today at 113-11+ with 10y UST yields up 1.2bp at 3.731% and 2y yields up 3.7bp at 4.683%.
  • Bund futures are up 0.17 today at 132.86 with 10y Bund yields down -1.6bp at 2.485% and Schatz yields up 0.9bp at 3.121%.
  • Gilt futures are up 0.39 today at 952.24 with 10y yields down -3.0bp at 4.350% and 2y yields down -1.1bp at 4.881%.
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