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Under pressure

BONDS
  • EGBs and gilts are under some pressure this morning with Schatz and Bunds seemingly leading the moves. There are no real obvious headline drivers for the moves, other than the potential Brexit deal which is expected to be announced later today - but that does not seem to be the catalyst as we are still very light on details.
  • SONIA / Euribor futures have also moved notably lower this morning - with Mar-24 SONIA seeing a 10 tick move on the day.
  • The main release of the day will be US durable goods data at 13:30GMT / 8:30ET.
  • The most interesting speech of the day is likely to come from the Fed's Jefferson who is dual to discuss inflation and the dual mandate. We will also from BOE's Broadbent and the ECB's de Cos and Lane (although none of those are due to discuss monpol).
  • TY1 futures are down -0-4+ today at 110-25 with 10y UST yields up 1.3bp at 3.960% and 2y yields up 2.6bp at 4.843%.
  • Bund futures are down -0.31 today at 133.74 with 10y Bund yields up 2.8bp at 2.562% and Schatz yields up 2.3bp at 3.044%.
  • Gilt futures are down -0.26 today at 100.25 with 10y yields up 2.0bp at 3.780% and 2y yields up 4.8bp at 3.654%.

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