BEs nudged a little higher with a strong PPI providing a green light against an inflation-friendly/neutral backdrop. CPI is now on the horizon.
USTs are well off their earlier lows but remain in the red with the belly still the weakest link. Deutsche examines potential sources of UST demand.
Holidays led to a reduced list of MTNs over the week. Still, EBRD issued short callables, Intesa Sanpaolo printed a CMS and GS launched a hybrid.
An early sell-off partly-reversed as the 10s30s curve again refused to follow the steepening in the US amid supply rumours. CPIH faces a challenge.
Bunds are down with USTs today but BTPs are weakest amid reports of new borrowing. Elsewhere, banks discuss the ECB's appetite for buying bonds.
Fast money selling after a week of steady gains failed to stop ASWs push higher today. Traders look at the NY Fed's reverse repo plans.
Names on the screens at the end of the week include REN, Berlin Hyp, Ile-de-France and RfPs from the EU and the EFSF.
10-year JPY swaps have been outperforming their underlying JGBs, and swap spread there is tighter. The curve is flatter from the 10y point.
10-year AUD bond future has been leading a mild rally, backing receiving interest in the 5- to 10-year area of the swap curve.
Today’s Fed TIPS purchase helped support front-end BEs but the bull flattening nominal rally weighed on longer tenors.
Powell's dovish comments spurred a rally in USTs and equities. Swap spreads compressed early. Participants look ahead to supply and bank earnings.
The ULC and gamma saw further pressure today as Powell continued a dovish line.
Another bullish session for USTs and ultra buying by RM and international accounts drove bull-flattening today.
Traders described Euro inflation as “pretty stable” going into the close with the market lacking any particular trend or momentum.
USTs are bull flattening ahead of a likely dovish Fed Chair Powell appearance today. Barclays assesses FOMC minutes.
Recent structured note activity in USD.
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Issues in non-USD are not sufficient to absorb the strong bids from asset swappers with USDs to burn. Elsewhere traders eye SONIA-SOFR flows.
Traders said the Eikon outage hit flows but spotted flattening in 2s/10s while cash spreads came under pressure.
As traders in Europe struggle with spluttering feeds USTs are bull-flattening despite an OK performance by risky assets.