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Bonds Extend Sell-Off, Short End Anchored

US TSYS

Markets pretty convinced of no greater than a 50bp hike (and certainly no intermeeting move) by Sep 21 with short end rates outperforming - yield curves bear steepening (2s10s +9.156 at -34.575) as prospect of more rate hikes past September remain (ala Kashkari) and weighing on the long end: 30YY taps 3.1597% high last few minutes.

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