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Schatz underperform on hawkish ECB talk but market focus on inflation

BONDS
  • Core fixed income remains within Friday's ranges as markets look ahead to events later in the week. Most notable will be the US inflation print tomorrow while the UK also has a busy week for data with labour market data tomorrow and inflation on Wednesday the highlights.
  • There have been a number of hawkish ECB speakers overnight which have led to Schatz underperforming 2-year USTs or gilts but 10-year Bund yields moving in line with 10-year UST yields.
  • TY1 futures are up 0-5+ today at 115-29 with 10y UST yields down -1.8bp at 3.295% and 2y yields down -2.0bp at 3.540%.
  • Bund futures are up 0.41 today at 143.98 with 10y Bund yields down -1.6bp at 1.678% and Schatz yields up 0.7bp at 1.317%.
  • Gilt futures are up 0.43 today at 105.84 with 10y yields down -0.8bp at 3.083% and 2y yields down -1.1bp at 3.020%.
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