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Bear Flattening Fades Into The Close

BUNDS

The German curve has swiftly erased the bear flattening made after the immediate move on the open, with 2Y yields pulling back 4bp in the last 45 minutes as we head toward the cash close but longer-dated instruments fairly steady.

  • 2s10s ~2.4bp flatter on the day at -40bp (had been as deeply inverted as -43.2bp), 2-Yr yield is up 14.4bps at 2.698%, 10-Yr up 12.1bps at 2.304%.

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