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Tsys Remain Under Pressure Ahead Of Powell & 30s Supply, Keeping European Rallies In Check

BONDS

A resumption of the early London weakness/steepening in Tsys keeps any rallies in core peers in check, allowing Bund futures to move to fresh session lows.

  • Block flow on the Tsy curve helped the cheapening & steepening in Asia & early London hours, while some focus on the sheer size of the DV01 that needs to be taken down at today’s 30-Year Tsy auction has also fed in.
  • Typically dovish offerings from Chicago Fed President Goolsbee had little tangible/lasting impact, with the aforementioned a presence of supply and comments from Fed Chair Powell on the radar over the next few hours.
  • BoE-dated OIS/SONIA futures have recovered from their Pill-inspired hawkish session extremes, which has probably promoted some cross-market outperformance for gilts after the early widening.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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