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Bear steepening continuation

BUNDS
Continued bear steepening in the German and US curve, following potential hope of a US stimulus deal.
  • With Germany underperforming, semi core, peripheral stays tighter, with Greece leading at 2.2bps.
  • Spanish yields move back above UK and highest since 9th Oct (printed 0.203% high)
  • Focus remains squarely on Brexit and US stimulus going forward.
  • Today, sees nothing of note on the data front, but once again a day full of speakers, that includes ECB's Lagarde, de Guindos & Lane, BoE's Ramsden, Fed's Mester, Kashkari, Kaplan, Barkin, Quarles & Bullard.
  • We have no EU supplies but on the other side of the pond, US Auctions $22bn of 20yr notes later today.

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