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Market Roundup: Bonds Back to New Highs Post-BOE Market Notice

US TSYS
Tsys back to extending highs after BOE provides more details on Gilt purchase annc via Market Notice. Futures gapped higher on the initial notice around 0600ET, but receded amid uncertainty over details in action to restore functionality.
  • Details via Market Notice helping bonds extend gains (still off pre-BOE tax cut annc levels w/ 30YY currently at 3.8108):
    • GILT PURCHASES SIZE WILL BE UP TO £5B PER OPERATION; READY TO BUY CONVENTIONAL GILTS W/MATURITY OF OVER 20 YRS; PARAMETERS OF TEMPORARY PURCHASES TO BE KEPT UNDER REVIEW, Bbg
  • Yield curves bull steepening to new highs (2s10s +9.348 at -25.055), stocks back to early overnight levels (SPX eminis +6.5 at 3667.50.
  • Tsy 10Y futures have followed last week’s extension of its downtrend and this week’s move lower has reinforced current conditions. A bearish price sequence of lower lows and lower highs and bearish moving average studies clearly highlight the market's current bearish sentiment. The focus is on 110-01 a lower moving average band value. Initial resistance is Friday’s high of 112-30+.
  • Any reaction to Inventories data lost in the shuffle:
    • August reading of the Advance Goods Trade Balance -$87.3B vs. -89.0B est, preliminary August reading of Wholesale Inventories is +1.3% MoM vs. +0.4$ est.
  • Mkt remains keyed in on BoE headlines while session brings multiple Fed speakers as well: Bostic, Bullard, Powell, Barkin, Bowman and Evans on tap
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