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UST and gilts reverse CPI-induced weakness; focus on US data later

BOND SUMMARY
  • It has been a positive start for core fixed income this morning with gilts and Treasuries continuing to drift higher from yesterday's lows and almost close the gap gap lower seen following the higher than expected CPI print on Wednesday.
  • Bunds are a little bit higher on the day with peripheral spreads wider by 1.5-2.0bp despite European equities being on the front foot this morning.
  • US data remains in focus today with retail sales due at 13:30BST/8:30ET, IP at 14:15/9:15 and Michigan confidence at 15:00/10:00.
  • Markets will also watch the Accounts of the ECB's last monetary policy meeting which are due for release at 12:30BST/7:30ET for any discussion over the pace of bond purchases.
  • TY1 futures are up 0-8 today at 132-14 with 10y UST yields down -2.4bp at 1.634% and 2y yields down -0.3bp at 0.152%.
  • Bund futures are up 0.21 today at 169.10 with 10y Bund yields down -1.2bp at -0.133% and Schatz yields unch at -0.662%.
  • Gilt futures are up 0.36 today at 127.44 with 10y yields down -3.0bp at 0.867% and 2y yields down -1.7bp at 0.081%.
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