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Broad-based risk-off flows evident......>

MARKET TALK
MARKET TALK: Broad-based risk-off flows evident this morning, even as news flow
has been rather thin. Participants continue to assess the Fed's monetary policy
decision, which saw Chair Powell & co. extend the QE programme, forecast no rate
hikes at least through the end of 2022 & call YCC an "open question".
- Within the G10 FX space, the Antipodeans underperforms, with safe havens bid
as JPY leads gains. USD holds up well, despite the Fed's messaging downplaying
potential for interest rate hikes any time soon.
- E-minis have been pressured from the off, with Asian equity benchmarks
following suit. The Nikkei 225, S&P/ASX 200 & KOSPI all trade lower on the day.
- T-Notes have picked up a mild bid and last operate +0-06+, just shy of session
highs. Gentle flattening seen in cash yield curve.

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