Here's a snapshot of things:
- 10-year Treasury yields -6.2 bps to 3.561%
- 10-year German bund yields -8.5 bps to 2.216%
- 10-year Italian bond yields -11.6 bps to 4.095%
Interestingly, the drop in periphery yields in Europe sees Italian 10-year yields at its lowest since 15 December. It's a far cry from the peak at the end of the year for yields in the region, with softer inflation figures helping to tone down the hawkish ECB rhetoric - even if policymakers haven't exactly done that.
As for US yields, all eyes are on tomorrow's inflation numbers to set the narrative as the year looks to really kick off. For now, the drop in yields erases the advance from yesterday and fits with the bid in bonds to start the new year. As a reminder, 10-year Treasury yields started the year at 3.83%.
Elsewhere, in Japan, the same story is still playing out for now:
