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EGBS: Commerzbank Like Received Positions In EUR STIR, Steepeners In Long End

STIR

Commerzbank consider “the € short end as best placed at current valuations, where the market sees barely more than a 50/50 chance for two more ECB cuts this year.”

  • “The long end, on the other hand, remains at the mercy of OATs and USTs, and it should not be overlooked that 30y UST-SOFR spreads hit a record high yesterday.”
  • “Steepeners look attractive as they could work both in a bullish as well as a more bearish backdrop.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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