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Looking ahead to ISM services

BONDS
  • Core fixed income is trading higher this morning in a session that has seen a steady flow of European data and ECB speakers but no huge surprises to the status quo. Even so, Bunds, gilts and Treasuries are all higher on the day with curves bull flattening, having reversed the majority of yesterday's moves lower.
  • The highlight of the US session will be the US ISM services print, due at 15:00GMT / 10:00ET, with particular focus on the prices and employment subcomponents.
  • There will be a speech from BOE's Executive Head of Markets, Andrew Hauser (non-MPC member) on the lessons learnt from last year's LDI intervention, with the text due for release at 11:00GMT / 6:00ET. We are also still due to hear from ECB's Wunsch as well as the Fed's Logan, Bostic and (after the European session) Bowman.
  • TY1 futures are up 0-12+ today at 110-28+ with 10y UST yields down -5.4bp at 4.005% and 2y yields down -3.2bp at 4.856%.
  • Bund futures are up 0.31 today at 132.01 with 10y Bund yields down -4.0bp at 2.706% and Schatz yields down -2.0bp at 3.181%.
  • Gilt futures are up 0.20 today at 998.84 with 10y yields down -3.2bp at 3.846% and 2y yields down -3.0bp at 3.649%.
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