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Recovering On Regional M/M CPI

BUNDS
HomepageBond Market NewsEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income Bullets

Core global FI rallies as the initial round of M/M German regional CPI readings come in on the softer side of expectations, albeit with greater variance in the Y/Y prints (with the Y/Y variance likely owing to transport pricing swings). We will provide an update of the national German CPI run rate in due course.

  • Bund futures hit recovery highs of 129.82, before fading back to 129.68 last.
  • ECB-dated OIS shows ~27bp of cuts through July and ~61.5bp through year end, with the latter seeing a ~2bp dovish move in the wake of the data.
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Core global FI rallies as the initial round of M/M German regional CPI readings come in on the softer side of expectations, albeit with greater variance in the Y/Y prints (with the Y/Y variance likely owing to transport pricing swings). We will provide an update of the national German CPI run rate in due course.

  • Bund futures hit recovery highs of 129.82, before fading back to 129.68 last.
  • ECB-dated OIS shows ~27bp of cuts through July and ~61.5bp through year end, with the latter seeing a ~2bp dovish move in the wake of the data.