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Looking ahead to PPI

BONDS

Core fixed income is all a little higher from yesterday's close, but USTs, Bund and gilts are generally trading around the mid-point of yesterday's range.

  • There have not been many market-moving headlines this morning and data has been mixed (German exports disappointing and the ZEW survey pointing to a worse than expected current situation, but expectations higher than expected).
  • Looking ahead we have a slew of central bank speakers including the heads of the Fed, ECB and Bailey.
  • We also look ahead to US PPI data, probably the key event of the day.
  • TY1 futures are up 0-8 today at 131-17+ with 10y UST yields down -2.3bp at 1.468% and 2y yields down -2.7bp at 0.418%.
  • Bund futures are up 0.17 today at 170.86 with 10y Bund yields down -1.9bp at -0.264% and Schatz yields down -0.4bp at -0.769%.
  • Gilt futures are up 0.04 today at 127.01 with 10y yields down -0.7bp at 0.847% and 2y yields up 1.2bp at 0.418%.
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