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The only talking point for fixed income markets this morning has been the new B.1.1.529 Covid-19 variant (which is likely to be given the name "nu" by the WHO). Core fixed income is off its highs of the day but still up substantially on the day. We know that the variant is the most mutated so far from the original Covid-19 strain and we know a number of these mutations are on the spike protein that the vaccines target, but we know little about real-world transmissibility or vaccine efficacy. Data on these would take "several weeks" according to the WHO. This has brought up questions of whether the Fed will slow its tapering, the BOE delay hikes further and whether the ECB's post-PEPP programme will still be confirmed in December (or whether it will be less watered down than full PEPP).
- TY1 futures are up 1-02+ today at 130-29 with 10y UST yields down -10.6bp at 1.531% and 2y yields down -11.4bp at 0.529%.
- Bund futures are up 0.80 today at 171.78 with 10y Bund yields down -5.2bp at -0.305% and Schatz yields up 0.6bp at -0.808%.
- Gilt futures are up 1.07 today at 125.96 with 10y yields down -10.8bp at 0.858% and 2y yields down -9.7bp at 0.464%.