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Treasuries continue to show higher beta to Omicron developments

BONDS
  • Treasuries opened lower overnight and have continued to move lower, with the UST curve bear steepening in response to some encouraging news regarding Omicron hospital patients requiring less medical interventions. This has also helped buoy commodity prices, adding to inflationary pressures.
  • With the ECB and BOE seemingly much less likely to act than the Fed in December, moves have been more limited in EGBs and gilts. Indeed, the German curve has actually bear flattened today while the gilt curve has seen more of a parallel shift as yields have risen.
  • The main remaining event today will be a speech by BOE Deputy Governor Broadbent. He is considered the swing member on the MPC and follows Saunders on Friday, who after voting for a hike in November did not seem fully committed to a December hike given Omicron.
  • TY1 futures are down -0-15 today at 130-31+ with 10y UST yields up 4.3bp at 1.388% and 2y yields up 2.8bp at 0.618%.
  • Bund futures are up 0.01 today at 174.50 with 10y Bund yields up 1.2bp at -0.379% and Schatz yields up 2.4bp at -0.767%.
  • Gilt futures are up 0.14 today at 127.01 with 10y yields up 0.6bp at 0.752% and 2y yields up 0.7bp at 0.473%.
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