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Tnotes/Bund spread tightest in a Year

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  • Continued tightening in the Tnotes/Bund spread, with the latest leg gaining some traction following Powell on Friday, as desks look for the first cut from the Fed in September.
  • The next NFP release could be key on the size of the cut, after Powell drew a line in the sand regarding further Labour weakness.
  • The spread now trades at its lowest level in over a Year, since 15th August 2023, and further tightening momentum would open to 150.00bps.
  • A clear break through, opens to ~144.00bps.

Chart source: MNI/Bloomberg.

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  • Continued tightening in the Tnotes/Bund spread, with the latest leg gaining some traction following Powell on Friday, as desks look for the first cut from the Fed in September.
  • The next NFP release could be key on the size of the cut, after Powell drew a line in the sand regarding further Labour weakness.
  • The spread now trades at its lowest level in over a Year, since 15th August 2023, and further tightening momentum would open to 150.00bps.
  • A clear break through, opens to ~144.00bps.

Chart source: MNI/Bloomberg.