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Most of the early action is in Equity

BONDS
  • Bund are trading close to mid range at the time of typing 170.44 (vs 170.25/170.58 range).
  • The contract did trade through initial support noted yesterday at 170.36, and it printed an overnight low at 170.29, followed by a 170.25 low during the early European trading session.
  • Rates and Govies are more stable as the Globe await for the FOMC meeting later.
  • Peripheral spreads are a touch tighter versus the German 10yr, with Italy leading by 1.1bp.
  • Gilts are lagging somewhat, as desk price a more punchy hiking cycle from the BoE going forward.
  • The Gilt/Bund spread is 1.4bp wider, but short of the 2022 high at 126.5084bps, now at 125.5bps.
  • A lot quieter session for US Treasuries, when you look at volumes, and Bund trading more than its US counterpart.
  • Tnotes have not broken any of the overnight range (128.02+/128.08+), 128.03+ at the time of typing for the 10yr.
  • ALL EYES are of course on the Fed, and markets are so far pretty much pricing a hike for March, June, Sep and Dec.
  • Looking ahead, there are no tier 1 data, and the only notable release pre Fed, will be the US Wholesale Inventories.
  • Supplies, sees US $26bn 2yr FRN. While earning season continues with AT&T, Boeing, Abbot Labs, Intel, Tesla.
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