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RBC Assess The Impact Of U.S. FCI On EM FX


Japanese MOF sells Y4.53777tn 3-Month Bills:


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US VIEW: BA/ML economists noted that "the supply of "safe" assets is no longer
shrinking, as QE expansion fades, FX reserves stabilize and budget deficits
rise." They also said that "contrary to popular belief, the trend in neutral
real interest rates has only a very loose relationship to trend growth."

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