An outsized rally in nominals only served to compound the recent weakness in BEs as sellers continue to dominate.
USTs rallied into double digits, with the 10y note yield hitting 3.40%. Fast money was seen fading the rally, sources highlight, and spreads widened.
The ULC lifted higher in the second double digit move in rates this week, but this time, a rally. ULC skew trades, receivers over.
Flattening was resisted today to leave euro 10s/30s a tad steeper at the close against a backdrop of risk-off gains for Bunds and an EU deal pricing.
USTs continue to rally with Putin headlines adding an FTQ aspect to today’s bid. BofA cautions that FCI easing means Fed policy is too loose.
This week of a thousand gilt sales continued today with emergency QT unwinds and a spooky linker auction. BNPP eyes QT in 2023.
Treasuries are rallying as risk off weakens stock futures again following China's rushed shift in Covid policy. Ahead, a bond bull returns for 2023.
JGB future rallies hard after some negative news from the US. Players are eyeing for domestic GDP data and 10s/20s swaps are due for a correction.
Weak domestic data prompted some 3y offers and 10y has been choppy. ANZ sees steeper box and Bills/SOFR.
BEs continued to leak lower as the ongoing risk-off trade is the wake of better data persisted and ahead of the FOMC.
The vol surface is modestly higher with some switches in the ULC and in riskies. The DTCC SDR data feed changes have many reprogramming.
Another day, another avalanche of gilt sales. But the market seems to be rising to the challenge. Tradition looks at the CTD situation.
The front of the euro inflation curve slipped with oil prices and TIPS today. Further out the curve, some banks are bearish on real yields.
ZCs popped up after two weeks devoid of new activity, with ANZ, IADB, ADB also issuing 15y ZC callables. SocGen prints a floating 10y NC4 Formosa.
USTs are narrowly mixed while equities are lower again as the impact of recent sobering data persists. DB sees USTs in the black in 2023.
Basis traders took their lead from issuance today, and had a bit of a breather. Citi says pay JPY/USD, and EU supras may pounce on USD and GBP in '23.
With the year's central bank climax looming, trade was thin and surprising as Bunds brushed off data to rally, and the EU confirmed a brace of bonds.
Strong US data has prompted further steepening of the JPY swap curve to the 7- to 10-year zone. SMBC issued perpetual bonds in size.