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Waiting for tomorrow's US CPI

BONDS

Core fixed income has drifted higher with European peripheral spreads also moving a little wider. However, all of these moves are within the ranges seen on Friday, and we are unlikely to see any real breakout moves ahead of tomorrow's US CPI data. Gilts are the outperformers today, but they were the weakest of the core fixed income futures yesterday.

  • Powell's Senate hearing is likely to be the most watched event today with a rather sparse data calendar, while there are a number of other ECB and Fed speakers scheduled.
  • TY1 futures are up 0-4+ today at 128-09 with 10y UST yields down -0.6bp at 1.755% and 2y yields up 1.4bp at 0.910%.
  • Bund futures are down -0.02 today at 169.94 with 10y Bund yields down -0.4bp at -0.80% and Schatz yields up 0.5bp at -0.589%.
  • Gilt futures are up 0.15 today at 123.06 with 10y yields down -1.8bp at 1.171% and 2y yields down -0.4bp at 0.827%.
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