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"Premature" tapering comments send Bunds higher

BOND SUMMARY

There has been divergence between core global bonds this morning with Bunds and gilts heading higher but Treasuries still lower than yesterday's close (despite recovering some of their overnight losses).

  • Bunds have been the biggest movers in core bond space with Bund futures above the psychological 170 level for the first time in 2 weeks. Further comments from ECB's Panetta that discussions of tapering are "premature" follow up comments from Villeroy yesterday.
  • TY1 futures are down -0-2+ today at 132-28+ with 10y UST yields up 1.7bp at 1.577% and 2y yields unch at 0.148%.
  • Bund futures are up 0.39 today at 170.08 with 10y Bund yields down -2.4bp at -0.192% and Schatz yields up 0.1bp at -0.667%.
  • Gilt futures are up 0.21 today at 128.52 with 10y yields down -1.7bp at 0.768% and 2y yields down -0.1bp at 0.011%.
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