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Lower across the board following French  / Spanish inflation data

BONDS
  • Core fixed income has pulled back off its lows of the day (which occurred immediately after the French and Spanish inflation prints which came in higher than expected).
  • Schatz yields remain 7.6bp higher on the day with the German curve having bear flattened a little (10y Bund yields up 6.3bp on the day). Market pricing of the terminal rate sees the ECB raising rates by another 146bp this year with less cuts next year (against expectations earlier this morning of 137bp of hikes this year).
  • Gilts have also been dragged lower by the French and Spanish inflation prints, with gilt yields up around 4bp across the curve.
  • Treasuries have seen 2-year yields move 4.1bp higher on the day while 10-year yields are 3.3bp higher (so 10-year USTs seeing less movement than gilts so far today).
  • Peripheral spreads have also widened somewhat with 10-year BTP-Bund spreads around 4bp wider on the day (on the expetations of a more hawkish ECB).
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