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European curves bear flattened Thursday in the wake of the hawkish Federal Reserve meeting after hours Wednesday, though retraced some losses over the course of the session.

  • The UK short end underperformed across the core FI space. Some analysts posted more hawkish near-term BoE policy outlooks, ahead of next week's MPC.
  • BTPs stood out, with spreads compressing sharply in contrast to previous sessions' widening:
  • 10Y yields saw their biggest drop since Dec 17 (after hitting the highest yield since Jun 2020) as the presidential election impasse continued into Friday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 3.4bps at -0.611%, 5-Yr is up 3.4bps at -0.319%, 10-Yr is up 1.5bps at -0.059%, and 30-Yr is down 1.8bps at 0.228%.
  • UK: The 2-Yr yield is up 4.5bps at 0.961%, 5-Yr is up 4.3bps at 1.065%, 10-Yr is up 3bps at 1.228%, and 30-Yr is up 1.9bps at 1.351%.
  • Italian BTP spread down 5.7bps at 134.5bps / Spanish down 1.8bps at 72.8bps
MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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