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All eyes on Fed Powell

BUNDS

Bund is better bid on the cash open, bringing the curve bull flatter on the margin.

  • Nonetheless risk remains tilted to the upside, with 5/30s still looking for a test back at the February 2021 peak at 83.442.
  • With ALL EYES on Fed Powell, and some institutions speculating that we could have comments on Yield, volume in early trading is all but spreads related.
  • On the data front, today sees German and UK construction PMIs, and EU retail sales for the European morning session.
  • Speakers,, sees ECB knot, Centeno, and of course Fed Powell.
  • SUPPLIES: A busy day with Spain 5, 7, 10, 15y, France 10, 20, 30yr, and UK 10yr.

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