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(Z2) Remains Vulnerable


(Z2) More Stable, But Remains Fragile

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BOND SUMMARY: USTs moved higher on the back of Powell's Press Conference
yesterday on the back of comments that the Fed would not raise rates until
inflation was "moving up or in danger of moving significantly" and that the
current rate is "likely to remain appropriate".
- The moves higher in USTs have continued through the Asian and European morning
sessions and gilts and Bunds have outperformed this morning as they play catch
- Bund and gilt futures are both approaching the highs seen on October 24
following the last ECB meeting.
- Looking ahead we have Eurozone CPI, US personal income and spending and the
MNI Chicago PMI due for release today. Tomorrow will see most Eurozone markets
closed for All Saints Day accompanied by the release of the UK manufacturing
PMI, the US employment report and the ISM manufacturing print.
- TY1 futures are up 0-10+ today at 129-26 with Bund futures up 0.74 at 171.80
and Gilt futures up 0.56 at 132.75.

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