Remarks by ECB chief economist, Philip Lane
earlier in the week, it isn’t going to work here. As long as Treasuries continue to steepen, European bond yields will also face a similar phenomenon.

Latest data from the Mortgage Bankers Association for the week ending 19 February 2021
–  -5.1%
– Market index 790.6 vs 892.6 prior
– Refinancing index 3,848.1 vs 4,337.0 prior
It looks like the housing market is not taking too kindly to the higher rates as both purchases and refinancing activity took a heavy dip in the past week. After

We’ll be hearing from a couple of Fed policymakers today with Powell set to testify in Congress for a second day
Here’s the agenda:
1500 GMT – Fed chair Powell testifies before the House select committee
I wouldn’t expect anything new from Powell that we haven’t already heard of yesterday. But again, it will serve as a reminder

Kyodo News reports on the matter
The report cites remarks by Japanese prime minister, Yoshihide Suga, in saying that the decision will be taken on Friday as to whether or not they will end the state of emergency measures in place that is set to run through to 7 March.

The BOE will be due to testify before the Treasury Select Committee on monetary policy later today
Here’s the agenda:
1200 GMT – BOE’s Haldane speaks in a seminar
Haldane will be making a speech in a flagship seminar on the changing world of work, wellbeing and management. As such, I wouldn’t expect much policy remarks, if any

S&P 500 futures and Nasdaq futures turn flat
Of note, Nasdaq futures have erased a 1% drop from the tail-end of Asian trading as sentiment improves in European morning trade so far.

Latest data released by CBI – 23 February 2021
CBI notes that:
„With lockdown measures still in place, trading conditions remain extremely difficult for retailers. Record growth in Internet shopping suggests that retailers‘ investments in online platforms may be paying off, but the reopening of the sector can’t come soon enough to protect job losses and breathe

Comments by UK prime minister, Boris Johnson
– But not guaranteed that will be the case
In case you missed it, he set out the timeline for the reopening and the stages that the UK will go through in his announcement yesterday .

The pound is the best performing major currency today
If anything else, it highlights the conviction in the pound at the moment and this continues to make it tough to really challenge for a push lower.

Risk sentiment leans towards the softer side today
Nasdaq futures are bearing the brunt of things with tech hurting once again after yesterday’s drop. Futures are down by 1.4% as compared to Dow futures‘ 0.2% decline.