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Sell-off takes a breather

BOND SUMMARY

Core fixed income hit lows yesterday as the reflation theme and medium-term optimism surrounding Covid continued while the downside risks of Italian politics continued to be priced out of broader EGBs. However, we have been partially retracing these moves throughout the European session today, although gilts and Bunds remain at similar levels to those seen on the US open yesterday.

  • Looking ahead the FOMC Minutes and US retail sales will be the highlights, along with a speech from BOE's Ramsden on QE as a policy tool (particularly topical given the debate about the exit strategy).
  • TY1 futures are up 0-3 today at 135-28 with 10y UST yields down -3.5bp at 1.281% and 2y yields down -0.5bp at 0.116%.
  • Bund futures are up 0.16 today at 174.96 with 10y Bund yields down -1.4bp at -0.363% and Schatz yields down -0.2bp at -0.697%.
  • Gilt futures are up 0.24 today at 131.08 with 10y yields down -2.6bp at 0.594% and 2y yields down -0.2bp at -0.46%.
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