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Speakers take the stage ahead of tomorrow's German HICP

BONDS
  • Core fixed income has traded sideways in the European morning session and stayed to fairly tight ranges relative to recent sessions. Treasuries are off their overnight highs with the market reversing some expectation of future cuts (but the terminal rate remaining fairly steady). Gilts and Bunds are both a bit lower on the day.
  • Looking to today's events we have appearances from Fed's Williams, Cook, Barr, Bostic, Kashkari and Bostic as well as the ECB's Knot giving an MNI webcast at 15:00GMT / 10:00ET (registration for the latter is available here).
  • Markets will also start looking forward to tomorrow's delayed German HICP data release.
  • TY1 futures are up 0-7+ today at 113-15 with 10y UST yields down -2.6bp at 3.650% and 2y yields down -2.6bp at 4.440%.
  • Bund futures are down -0.71 today at 135.99 with 10y Bund yields up 2.0bp at 2.364% and Schatz yields unch at 2.693%.
  • Gilt futures are down -0.18 today at 104.82 with 10y yields down -1.0bp at 3.305% and 2y yields down -2.2bp at 3.460%.

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