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Yesterday's themes continue to dominate

BONDS
  • Yesterday's theme of paring back expectations of both the pace and peak of hiking cycles has continued into today, with core fixed income moving higher, led by the short-end. This has seen the Treasury curve in particular bull steepen while the gilt curve has seen a largely parallel shift higher. German cash has also seen a decent move higher, although the curve has actually flattened marginally.
  • Core fixed income is a bit off the highs of the day but the moves remain noteworthy.
  • Looking to later today, we will receive the Accounts of the June ECB rate decision as well as US PPI data.
  • TY1 futures are up 0-11 today at 112-19+ with 10y UST yields down -3.9bp at 3.821% and 2y yields down -9.4bp at 4.653%.
  • Bund futures are up 0.96 today at 132.91 with 10y Bund yields down -7.7bp at 2.460% and Schatz yields down -7.1bp at 3.142%.
  • Gilt futures are up 0.70 today at 946.66 with 10y yields down -6.1bp at 4.449% and 2y yields down -5.2bp at 5.161%.
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