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Off the highs

BONDS

As risk recovers somewhat and equities continue to move off their lows, core fixed income is also retreating from yesterday's highs. No real trigger for the moves other than market moves having been rather excessive.

  • This morning's German IFO data was better than expected but not enough to warrant the moves seen in core FI.
  • As we noted earlier, the Eurodollar strip in particular is very correlated with equity moves at present and is down 7 ticks from yesterday's close in the Reds.
  • Markets continue to look ahead to tomorrow's FOMC meeting.
  • TY1 futures are down -0-13+ today at 128-03 with 10y UST yields up 1.8bp at 1.790% and 2y yields up 1.1bp at 1.019%.
  • Bund futures are down -0.40 today at 170.47 with 10y Bund yields up 3.0bp at -0.79% and Schatz yields up 1.4bp at -0.647%.
  • Gilt futures are down -0.43 today at 123.15 with 10y yields up 4.7bp at 1.172% and 2y yields up 2.6bp at 0.890%.
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