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  • 10Y breakevens have slipped 4bps to 2.44% since the 10Y TIPS auction tailed.
  • This completely unwinds a solid rise throughout the day when equities firmed earlier and macro indicators hinted at continued underlying inflation pressures.
  • It leaves 10Y breakevens close to overnight lows, which in turn are the lowest since Dec 21 as the bringing forward of Fed hikes has seen a dampening of longer-term inflation expectations.
  • Geopolitically driven risk sentiment is likely the main driver over the short-term, with no noteworthy data or issuance scheduled tomorrow.

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