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Sell-off continues in Europe

BOND SUMMARY
  • Gilts and Bunds are under pressure again today as the sell-off continues amid low liquidity today with much of Europe on holiday for Ascension Day.
  • Treasuries have been relatively stable today after the sell-off following the CPI print yesterday and then a successful 10-year auction which stemmed the bleeding.
  • Today's focus will be on US PPI data which is due for release at 13:30BST/8:30ET. We will also hear from the Fed's Barkin and Waller.
  • TY1 futures are up 0-2 today at 131-31+ with 10y UST yields down -1.1bp at 1.689% and 2y yields down -0.5bp at 0.160%.
  • Bund futures are down -0.16 today at 168.78 with 10y Bund yields up 1.4bp at -0.111% and Schatz yields unch at -0.662%.
  • Gilt futures are down -0.17 today at 127.04 with 10y yields up 2.0bp at 0.905% and 2y yields up 0.3bp at 0.103%.

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