Slight rise in long-term bond yields
The continued rise in bond yields (1.37% for the US 10-year) reflects market nervousness ahead of tomorrow’s ECB meeting and the release of the Fed’s Beige Book this evening. At…
ICE Brent prices reversed to 72.6 $/b, as the dollar surged against other currencies, due to the more hawkish US macro policy outlook. Interestingly, time spreads at the prompt climbed higher during this event, still valued at 80 cents at the prompt, as fundamentals were not affected by macroeconomic policy. WTI-Brent spreads reversed slightly but we remain constructive on this spread.
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