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Commmerzbank sees "complacency factored.......>

BONDS
BONDS: Commmerzbank sees "complacency factored into US forwards" and so while
there is the prospect of weak US data they see greater upside risks to Bund and
UST yields.
- They expect that the Fed will finally "fire the starting gun on the reduction
of the Fed's bloated balance sheet". But, they still believe that signals about
future rates are more important.
- If the dotplots continue to point to another hike in December, then markets
will have to revise their view that a rate hike is unlikely. 

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