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BAX Yields Hit Highs Since US CPI Miss

  • BAX yields have climbed in a largely one directional move through the session, with the Dec’23 touching highs since just prior to the substantial rally post the US CPI miss on Nov 10.
  • The move has gathered pace after initially being more undecided on the clash between strong headline GDP and weaker details, as captured by the mixed analyst takes shown earlier.
  • 2023 implied yields sit 5.5-7.5bps higher on the day with slightly smaller increases beyond, continuing to slowly chip away at 2023 inversion from the Mar’23 peak with BAH3/Z3 at -0.48 from lows of -0.65 in mid-Nov.

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