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Moving on up ahead of US CPI

BONDS

Core fixed income has drifted higher across the board this morning led by Bunds and gilts.

  • The move in Bunds seems to be largely just a retracement from yesterday's move after yields moved within 1.1bp of the highs of the year (which were seen in May). Possibly there is some position squaring ahead of the US CPI print today - this is likely the driver for Treasuries to move a little higher too.
  • Gilts have been grinding higher all day, not helped by the slightly disappointing GDP data earlier this morning. Short sterling Greens/Blues in particular have seen a bit of a larger move higher than Euribor/Eurodollars.
  • US CPI is of course the highlight of the day with 61% of the analysts in the Bloomberg survey looking for a 0.3%M/M print and 36% looking for a 0.4%M/M print.
  • TY1 futures are up 0-3+ today at 131-08 with 10y UST yields down -1.9bp at 1.560% and 2y yields up 0.6bp at 0.345%.
  • Bund futures are up 0.38 today at 168.79 with 10y Bund yields down -3.7bp at -0.124% and Schatz yields down -1.0bp at -0.697%.
  • Gilt futures are up 0.46 today at 124.53 with 10y yields down -4.3bp at 1.104% and 2y yields down -0.5bp at 0.552%.
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