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Treasuries Outperforming Pre-PCE

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US Treasuries are outperforming in European morning trade Friday, with Bunds trading constructively and Gilts steadier following their sell-off earlier this week.

  • Yields have pulled back from session's highest levels, with Bunds notably retracing after testing the Mar 10 high of 2.557% - helping the rest of core FI pare losses.
  • Gilt yields are flat on the session, with stronger-than-expected retail sales data offset by poorer revisions to prior.
  • With attention remaining on debt limit negotiations going into the Memorial Day weekend (including a shortened session today and most US markets closed Monday) 10Y Tsy yields are down 3bp.
  • A very slight steepening bias has been seen so far, with peak rate pricing pulling back for the BoE (-4bp), Fed (-3bp) and ECB (-2bp). But all foreseen terminal rates remain well above levels at the start of the week.
  • No major supply or central bank speakers expected for the rest of the session, but we get a busy US data schedule ahead of the long weekend including PCE, durable goods orders, inventories, and final UMich survey.

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US Treasuries are outperforming in European morning trade Friday, with Bunds trading constructively and Gilts steadier following their sell-off earlier this week.

  • Yields have pulled back from session's highest levels, with Bunds notably retracing after testing the Mar 10 high of 2.557% - helping the rest of core FI pare losses.
  • Gilt yields are flat on the session, with stronger-than-expected retail sales data offset by poorer revisions to prior.
  • With attention remaining on debt limit negotiations going into the Memorial Day weekend (including a shortened session today and most US markets closed Monday) 10Y Tsy yields are down 3bp.
  • A very slight steepening bias has been seen so far, with peak rate pricing pulling back for the BoE (-4bp), Fed (-3bp) and ECB (-2bp). But all foreseen terminal rates remain well above levels at the start of the week.
  • No major supply or central bank speakers expected for the rest of the session, but we get a busy US data schedule ahead of the long weekend including PCE, durable goods orders, inventories, and final UMich survey.

Latest levels:

Keep reading...Show less