Hence they opened slightly weaker, but changed the direction quickly and yields lost some 2-3 bps in the end. Nevertheless, the activity was minimal.
Today the Minutes from the last Central bank meeting could spur the market. We will see the opinions in the new board are distributed. Nevertheless, the situation slightly changed from the meeting, as inflation fell further. So the rate cut has more supporters than the minutes might suggest. On the other hand, we still believe that the majority of the board is in favor to keep the rates flat for some time and wait. Summing up, domestic bonds might track German Bunds again despite the minutes.
(CSOB - Investment research)