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UST 5-year yields surpass 2018 highs

BONDS
  • Treasuries have moved to new cycle lows with 10-year yields now just 7.5bp off the 2018 highs while 5-year yields have surpassed their 2018 highs and are now at their highest levels since 2008. 10-year gilt yields have also reached cycle highs (highest levels since 2015) while 10-year Bund yields hit their highest level since 2014.
  • Despite yields hitting new highs, the moves have been rather gradual, and have actually been at odds with the downward moves seen in equity markets.
  • There has been some focus on Putin's comments during his Victory Day Parade speech today but he said little new. Hhe failed to declare a full mobilisation, but has not said Russia will back down - meaning potential for an extended campaign in Ukraine. He also said that Russia acted as the West was going to invade Russian land.
  • There is little on the data calendar today and the only notable scheduled speech is at 14:00BST / 9:00ET from BOE's Saunders.
  • TY1 futures are down -0-11 today at 117-14+ with 10y UST yields up 5.3bp at 3.184% and 2y yields down -1.2bp at 2.724%.
  • Bund futures are up 0.21 today at 151.15 with 10y Bund yields up 0.7bp at 1.136% and Schatz yields down -4.0bp at 0.272%.
  • Gilt futures are down -0.25 today at 117.32 with 10y yields up 3.3bp at 2.027% and 2y yields down -2.2bp at 1.465%.
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