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Moves In Energy Limit Pullbacks From Highs In Bonds

BONDS

Pullbacks in core global FI markets remain shallow, with another (relatively contained) downtick in EUR 5y5y inflation swaps seen alongside the previously covered weakness in oil, as well as a modest move lower in TTF prices.

  • Gilt futures trade to fresh session highs in recent trade, while TY and Bund futures are a little shy of best levels.
  • The impact on inflation pricing outweighs any easing in geopolitical risk premium, at least when it comes to bond markets.
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Pullbacks in core global FI markets remain shallow, with another (relatively contained) downtick in EUR 5y5y inflation swaps seen alongside the previously covered weakness in oil, as well as a modest move lower in TTF prices.

  • Gilt futures trade to fresh session highs in recent trade, while TY and Bund futures are a little shy of best levels.
  • The impact on inflation pricing outweighs any easing in geopolitical risk premium, at least when it comes to bond markets.