We've seen there's demand for longer-dated securities. The auction will go quite well today.

February looks rather unlikely for the next rate hike, but March is still on the agenda. Yields will push higher over the coming months.

We're slightly positive on the bond market for now. A rate move is priced in for June but people have given up on the idea of getting anything earlier.

The risk is for the ECB to accelerate the pace of interest- rate hikes. There seems to be very little support for the European bond market.

We've seen an accumulation of strong numbers and sentiment at high levels in Europe. When we look at the numbers we're pretty confident the ECB will accelerate the pace of rate increases.

Treasuries remain under pressure and only weaker-than-expected data seem likely to reverse the current mood.