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TY1 futures match May's highs

BONDS
  • After a relatively stable Asian session, core fixed income started moving higher again as Europe got into the office. TY1 futures matched last Thursday's high (which was also the high of May so far) and continues to challenge the 119-09+ level but has failed to break through as yet.
  • The focus this morning has been on ECB speakers, with many more still due to come (the majority are speaking in Ljubljana). There has been little new from comments so far, however.
  • The main highlight of the day, however, will be US CPI. The FOMC consensus appears increasingly set on 2x50bp hikes in Jun/Jul but implications further along the rate path will depend on the usual breadth of inflationary pressure and what happens to stickier rent components. For the full MNI CPI Preview click here.
  • TY1 futures are up 0-14+ today at 119-07+ with 10y UST yields down -6.7bp at 2.927% and 2y yields down -4.3bp at 2.571%.
  • Bund futures are up 0.64 today at 153.59 with 10y Bund yields down -4.0bp at 0.958% and Schatz yields down -5.5bp at 0.101%.
  • Gilt futures are up 0.47 today at 119.61 with 10y yields down -4.4bp at 1.802% and 2y yields down -2.8bp at 1.287%.
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