FED: FOMC May Not Be Pointing To Big QT Shift But Maturities Worth Eyeing (2/2)
Feb-21 12:54
* Wrightson ICAP writes that "Less QT now would mean more QT later." Slowing the pace of its balan...
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BONDS: Stabilising Away From Highs, Headline Risk Remains Elevated
Jan-22 12:52
Bonds edge away from pullback lows in early NY trade, with oil ticking away from session highs.
- Little net movement in wider core global FI markers over the last couple of hours, with market moves limited since the rally that came alongside peripheral EGB spread tightening and an equity rally during early European dealing.
- Benchmark yields within 1bp of yesterday’s closing levels across the U.S., German & UK curves.
- EGB spreads remain tighter to Bunds, aided by fresh record highs across some of the major European equity benchmarks, with 10-Year BTP/Bund and OAT/Bund spreads testing key downside levels.
- Headline risk from Davos and the White House noted, with the G10 macro calendar limited for the remainder of the session.
DUTCH AUCTION PREVIEW: On offer next week
Jan-22 12:49
DSTA has announced it will be looking to sell E2.0-2.5bln of the 2.50% Jan-30 DSL (ISIN: NL0015001DQ7) at its auction next Tuesday, Jan 28.
GILTS: Little Change In Positioning In Futures On Tuesday, Still Feels Short S/T
Jan-22 12:41
OI was little changed during yesterday’s rally in gilt futures, indicating little movement in net positioning. That came after ~9.5K of fresh net shorts were seemingly set on Monday. Short-term positioning in the contract still feels net short to us.
