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Retracing some of the early weakness

BONDS
  • Treasuries, Bunds and gilts are all off their lows of the day now. There's no obvious trigger for the reversal, but there was also no obvious trigger for the selloff earlier this morning (the moves were largely attributed to further follow through from from the ISM prices paid component and comments from Kashkari).
  • TY1 hit a low of 110-20 and is now 0-08 lower on the day at 110-24.
  • Bund futures hit a low of 130.35 and are now 27 ticks lower on the day at 130.75.
  • Gilt futures hit a low of 99.43 and are now 24 ticks lower at 99.75.

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