- SAGBs open on the backfoot this morning, playing catchup after yesterday’s market closure for Human Rights day.
- Overnight, Powell spooked bond markets with hawkish guidance on inflation, prompting markets to boost expectations for two potential 50bp hikes in May/June.
- 10-30Y yields stand +12.3-16.8bp higher this morning, extending Friday’s +11bp move higher as the curve bear steepens.
- 10Y yields have crossed over the 10.20 mark, while 30Y yields are hovering just above 10.80, having retraced +36bp from the 17 March lows.
