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The retracement game

BONDS
  • Today's moves in bond markets have largely been reversals of yesterday's moves. Chinese equities were better bid overnight, initially halting the selloff in Treasuries and a move higher in European/US equities has coincided with moves in fixed income markets. At first glance it may seem strange that core fixed income has been moving in the same direction as equities but a lot of the moves are being driven by expectations of rate hikes. So higher rates has been bearish for both fixed income and equities in recent days. Today is seeing a retracement of that.
  • Looking ahead there are plenty of ECB speakers today at the ECB Forum with Powell, Bailey and Kuroda joining Lagarde for a panel event later. We are also due to hear from Fed's Bostic, Daily and Harker.
  • TY1 futures are up 0-8+ today at 131-23+ with 10y UST yields down -3.2bp at 1.507% and 2y yields down -0.5bp at 0.298%.
  • Bund futures are up 0.26 today at 170.12 with 10y Bund yields down -1.6bp at -0.216% and Schatz yields down -0.5bp at -0.700%.
  • Gilt futures are up 0.18 today at 125.75 with 10y yields down -2.1bp at 0.972% and 2y yields down -1.7bp at 0.386%.
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