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UK markets driving core FI

BONDS
  • It's been all about the UK this morning with markets SONIA futures seeing another up to to 80 tick drop this morning on the back of further follow through from last week's BOE meeting, the UK government fiscal event and further comments from the Chancellor over the weekend that more tax cuts are to come.
  • The gilt curve has been bear flattening this morning and the UK 2s10s curve (after almost a 20bp move) is now the most inverted it has been in over 15 years at -34.5bp. 10s30s has flattened, too, but has yet to break through the lows seen in June of this year.
  • USTs and EGBs have been pulled low by gilts (although those curves have actually bear steepened slightly) but the moves are tiny in comparison to those seen in gilts today.
  • We have also seen BTP-Bund spreads widen around 6bp following the weekend election results.
  • TY1 futures are down -0-19+ today at 112-00+ with 10y UST yields up 7.5bp at 3.764% and 2y yields up 6.9bp at 4.275%.
  • Bund futures are down -0.72 today at 138.76 with 10y Bund yields up 6.3bp at 2.083% and Schatz yields up 4.8bp at 1.948%.
  • Gilt futures are down -2.93 today at 961.16 with 10y yields up 32.4bp at 4.148% and 2y yields up 51.8bp at 4.445%.
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