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Mixed moves

BONDS

After the events of last week, the beginning of this week has been a bit calmer with equity markets mixed and moves in core fixed income more mixed.

  • Across the Eurozone inflation breakevens have picked up as energy prices rise once more (with renewed concerns about Russian supply). Despite more negligible increases in breakevens in the US and UK, Bunds continue to outperform in core income space on the day.
  • Having said there, there are some interesting curve dynamics at play with the German and UK curves steepening a little, but the UST curve flattening.
  • There are a number of Fed speakers due up today (Clarida, Powell, Harker, Bowman, Evans) while Lane and Makhlouf are both due to speak again for the ECB (after comments early this morning). BOE Governor Bailey is due to take part in a Citzens' Panel this afternoon, in the only real BOE appearance due this week which will touch on monpol, but given the nature of the event it may be difficult to move market pricing.
  • TY1 futures are down -0-8 today at 131-18+ with 10y UST yields up 2.3bp at 1.477% and 2y yields up 2.9bp at 0.433%.
  • Bund futures are down -0.14 today at 170.93 with 10y Bund yields up 1.1bp at -0.272% and Schatz yields up 0.3bp at -0.769%.
  • Gilt futures are down -0.26 today at 126.86 with 10y yields up 2.0bp at 0.863% and 2y yields up 1.4bp at 0.414%.
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