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10-year futures are 20 ticks lower off they....>

JGBS
JGBS: 10-year futures are 20 ticks lower off they day as volatility has picked
up, with cash yields up 1.7bps at 4.4bps. Breakevens are looking to halt the
trend of 14 consecutive daily declines, decoupling from stocks to trade higher. 
- A bearish reversal pattern appears to be playing out in spite of the CPI miss,
which saw core-core CPI drop to 0.3% vs 0.4% exp. Weakness in equities is
failing to ignite a safe haven bid. 
- Despite the pickup in JGB vol, moves in Japan-US 10-year spreads continue to
be dominated by the US, edging higher on the day to trade at 277.4bps.

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