EUROPEAN FIXED INCOME UPDATE: debt futures retreat further as Fed looms

Analysis details (11:01)

Bunds almost turned full circle from post-US CPI peak to pre-release trough with little sign of any attention to data and a larger than forecast m/m decline in Eurozone ip. Instead, the 10 year German benchmark may have taken note of a hefty 2023 issuance remit, while ECB sources suggesting that impending inflation projections will show CPI exceeding target in 2024 and 2025 also prompted downside pressure at the core and on the periphery. The Eurex low is 139.83 vs 139.77 on Tuesday, Gilts have been down to 104.11 from a very slender new 104.86 Liffe high, regardless of supportive UK inflation data that is still boosting the short end of the curve, and the T-note is hovering above parity towards the middle of 115-02/114-22+ overnight confines awaiting the FOMC.  

14 Dec 2022 - 11:01- Fixed IncomeData- Source: Newsquawk