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MARKET INSIGHT

Core fixed income had been on a downtrend through the Asian session after some hawkish comments from Brainard and Daly last night regarding rapid balance sheet reduction to start as soon as May. The fall was halted after some disappointing German factory data at 7:00BST / 8:00CET, with Bund futures around 40 ticks off their overnight lows at the time of writing.

  • There is a light data calendar this morning with construction PMI from the UK and Eurozone and the Eurozone PPI the highlights, but niether are likely market movers.
  • Instead, the focus will be on the FOMC Minutes after the European close. The main focus will be on any discussion over the pace and timing of tapering, as well as further hints towards upcoming 50bp hikes.
  • Note that today sees a Portuguese 10-year syndication, expected to be E3-5bln as well as an Italian Specialist Tap for E2.5bln.
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