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- Local rates seen bear flattening slightly as we kick the day off with 2Y yields +1.3bp, while the long-end remains mostly unchanged.
- Yesterday's session saw the curve end steeper with 2Y yields dipping -2bp following a lower, but above expectations, CPI print at 4.9%.
- The SARB will be in focus today with market pricing indicating some expectation of tightening – which may unwind following our base case for a hold at this meeting.