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Effective Fed Funds Rate


W/C 27 June, 2022




(X2) Testing The Range Base


EURCHF hits lowest level since March

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BOND SUMMARY: Sovereign fixed income markets have been bid across the board.
Speaking earlier this morning, ECB President Mario Draghi indicated that further
policy rate cuts and asset purchases are a possibility if economic conditions
deteriorate. This has added further fuel to the shift in policy rate
expectations across the G10 and ahead of this week's FOMC meeting.
- UST yields are 4-5bp lower with the 7-year benchmark outperforming. TYU9
trades at 127-20 and near the highs of the day.
- Bund yields are similarly 4-5bp lower on the day with the curve broadly flat.
Current yield levels: 2-year -0.745%, 5-year -0.655%, 10-year -0.294%, 30-year 
- Italian BTPs have been the big mover this morning with the long-end leading
the charge. The 10-year yield is down 11bp to trade at 2.190%. 2s10s is up 4bp.
- Andrea Leadsom, one of the first to fall out of the UK Conservative party
election race, has thrown her support behind Boris Johnson. If Rory Stewart
makes it to the final two then the party base would have the choice between a
hard and soft Brexit. Gilt yields trade 3-4bp lower on the day.

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