Richening Impetus Unwound

Core global FI markets fade aggressively from around richest levels, with a lack of official/more substantial backing of the previously outlined sources piece from the relatively unknown Messenger outlet (which suggested that 2the U.S. government is preparing evacuation plans for American citizens living in Taiwan”). Cash Tsys now run 1-4bp cheaper across the curve, bear steepening, while Gilts are 7-9bp cheaper ahead of comments from BoE arch-hawk Mann and Bunds twist steepen. We haven’t seen any fresh news flow to trigger the move, with oil lower and U.S equity futures shy of best levels. 2-Year Gilt yields are now through previous YtD highs.