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Lagarde and Lane in Focus


Bunds have continued to edge higher today outperforming both gilts and Treasury futures (not that cash Treasuries are closed).

  • The highlight of the day so far has been comments from ECB President Lagarde who noted that the PEPP and TLTROs were likely to "remain the main tools for adjusting our monetary policy" while noting that both could be "dynamically adjusted to react to how the pandemic evolves."
  • Peripheral spreads are generally tighter on the day but have come in a little over the past hour or so after reaching their tightest levels of the day following the Lagarde comments.
  • Lagarde's comments were made at the ECB's Forum on Central Banking (in effect the virtual Sintra for 2020). Still to come at 17:00CET/16:00GMT is a panel chaired by ECB Chief Economist Lane on the inflation objective and central bank communication.
  • Bund futures are up 0.32 today at 174.34 with 10y Bund yields down -2.2bp at -0.508% and Schatz yields down -0.3bp at -0.719%.
  • BTP futures are up 0.28 today at 149.70 with 10y yields down -2.7bp at 0.734% and 2y yields down -1.0bp at -0.390%.
  • OAT futures are up 0.36 today at 168.94 with 10y yields down -2.6bp at -0.267% and 2y yields down -0.9bp at -0.675%.
MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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