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Waiting to see what happens when the US get back to their desks

BONDS

Core fixed income has drifted further today, moving below yesterday's levels to challenge more key supports. Today's slow slide has come amid a sell-off in global equities (particularly in Europe and the US) as expectations of easy monetary policy withdrawal continue to drive the market.

  • There is not a great deal on the calendar today (although this morning's UK labour market report was notable but largely in line).
  • The key to today's session is whether we see more downside as the US return to their desks after yesterday's MLK Day holiday or whether that acts as some support to the market here.
  • TY1 futures are down -0-15+ since Friday at 127-22+ with 10y UST yields up 2.7bp at 1.814% and 2y yields up 6.3bp at 1.032%.
  • Bund futures are down -0.04 today at 169.61 with 10y Bund yields up 0.6bp at -0.21% and Schatz yields up 0.2bp at -0.569%.
  • Gilt futures are down -0.09 today at 122.94 with 10y yields up 0.7bp at 1.192% and 2y yields up 0.7bp at 0.835%.

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