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Waiting for Powell

BOND SUMMARY
  • After bottoming mid-afternoon yesterday, Bunds and gilts have continued their moves higher and have both surpassed yesterday's highs. Treasuries meanwhile broke above yesterday's highs in Asian hours touching 139-14 and after some weakness earlier in the European morning session are approaching this level again.
  • Equities are lower across the board as the market awaits Fed Chair Jay Powell's Jackson Hole speech where he will discuss the Monetary Policy Framework Review. There is a wide range of expectations for the speech which we round up along with our own expectations in our preview available here.
  • TY1 futures are up 0-3+ today at 139-13+ with 10y UST yields down -1.4bp at 0.675% and 2y yields down -0.7bp at 0.144%.
  • Bund futures are up 0.65 today at 176.31 with 10y Bund yields down -3.8bp at -0.455% and Schatz yields down -1.8bp at -0.675%.
  • Gilt futures are up 0.43 today at 135.51 with 10y yields down -3.2bp at 0.269% and 2y yields down -2.7bp at -0.46%.
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