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Partially retracing yday's rally


Core fixed income is off of yesterday's highs and futures have broadly retraced a bit over half of yesterday's moves higher. The Treasury and gilt curves have done this as part of a parallel shift while the German 2s10s curve has bear steepened.

  • UK data this morning was better than expected and GDP is now above the pre-pandemic level, but its hard to see it having too much of a sway on the MPC who are much more focused on inflation and labour market data than pre-Omicron activity data.
  • The main events of the day will be US data. Retail sales and industrial production for December will both be closely watched but perhaps even more important will be the inflation surveys within the Michigan confidence data.
  • TY1 futures are down -0-9 today at 128-14 with 10y UST yields up 3.8bp at 1.744% and 2y yields up 3.8bp at 0.933%.
  • Bund futures are down -0.37 today at 170.34 with 10y Bund yields up 2.2bp at -0.107% and Schatz yields up 1.3bp at -0.595%.
  • Gilt futures are down -0.28 today at 123.37 with 10y yields up 3.6bp at 1.140% and 2y yields up 3.3bp at 0.788%.
MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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