No stats this Wednesday, no market movers... the bond markets were a little bereft of benchmarks, and in this case, it was the underlying trend (the one that has prevailed since January 1) that took over after a start to the session marked by timid, cheap buybacks.

But heaviness prevailed once again on Wednesday, reflected in a slight rise in the yield on 10-year Treasuries, which rose above 4.295% (+0.5Pt), making for a "great calm" ahead of the FED's "minutes" expected this evening at 8pm.

In Europe, the Bund for the same maturity is down +3.5pts to 2.446% (despite the German government's drastic reduction of its GDP target to +0.2% from +1.3% last autumn), and the same applies to our OATs with +4pts to 2.940%, while Italian BTPs are up +4.8pts to 3.9500%.

Across the Channel, Gilts are down +10.4pts to 4.1500%, their worst level since February 13.

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