EGB OPTIONS: Large Bobl Condor vs Put Spread

• The Senate Banking Committee has cleared Kevin Warsh's Fed Chair nomination to head to a full Senate vote, passing 13-11 along party lines as expected.
• For more color, see our 0955ET post on "FED: Warsh Committee Nomination Vote From 1000ET, Expected To Pass". 

The previously mentioned uptick in UK risk premia, linked to comments from Mayor of Manchester Burnham, adds to pressure linked to the latest bid in crude oil, with gilt futures comfortably through yesterday’s low, basing at the March 27 base (86.12).  Fresh extension lower would expose key support the March 23 low (85.91).

• In yields, 10s still haven’t tested next upside levels (5.099% & 5.121%) but make further headway above 5.00%. 30s register fresh year-to-date highs above 5.70% and now target the ’25 top (5.734%).
• The move has eased from bearish extremes, likely as Burnham failed to signal an imminent return to parliament. Still, the headlines were enough to remind markets of a potential move to the left for Labour if a leadership challenge is forthcoming and successful (most likely at some point after early May local elections).

• MNI: WARSH NOMINATION TO FED CHAIR ADVANCES TO FULL SENATE
• SENATE BANKING COMMITTEE VOTE WAS 13-11 ALONG PARTISAN LINES