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Back From Lows, 2-/10-Year Spread Eyes Cycle Extremes


Nothing in the way of lasting, tangible movement for Tsys around the latest BoJ decision, which saw the Bank’s major monetary policy parameters and forward guidance left unchanged, matching wider expectations.

  • TYZ2 operates off of session lows after failing to force a test of Wednesday’s trough, while cash Tsys run 1-6bp cheaper through the reds, bear flattening.
  • 2s have registered fresh cycle highs in yield terms during Asia-Pac dealing, but all of the major cash Tsy benchmarks are back from session cheaps.
  • Note that the 2-/10-Year yield spread is within touching distance of the deepest levels of inversion registered during the current cycle.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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