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USTs and gilts steepen while German curve sees parallel shift

BONDS
  • There have been some mixed moves in core fixed income markets this morning. The UST and gilt curve have steepened but USTs through the 2-year yields moving lower and 10-year steady while gilts have been through 2-year yields moving up less than 10-year yields. While the German curve has seen a parallel shift with yields 1.5bp or so higher across maturities.
  • There have been no huge headline drivers this morning, with probably the biggest talking point the lower-than-expected Chinese inflation released during the Asian session.
  • Today's highlight is likely to be the release of the text of Governor Bailey's Mansion House speech at 16:00BST / 11:00ET today, which comes ahead of tomorrow's UK labour market data. Elsewhere today we also have Fed's Daly, Mester, Barr and Bostic as well as ECB's Herodotou and Nagel. The big event of the week globally will be the US inflation print on Wednesday.
  • TY1 futures are down -0-2+ today at 110-19 with 10y UST yields down -0.3bp at 4.065% and 2y yields down -3.1bp at 4.917%.
  • Bund futures are down -0.21 today at 130.91 with 10y Bund yields up 1.6bp at 2.650% and Schatz yields up 1.5bp at 3.261%.
  • Gilt futures are down -0.24 today at 924.49 with 10y yields up 2.6bp at 4.672% and 2y yields up 0.9bp at 5.387%.
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