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A reasonably quiet cash session Thursday, with market participants focused on an appearance by Fed Chair Powell after the close.

  • The UK long end continued to outperform strongly as the session went on, 5s30s returning to the lows of Tues after some steepening Weds.
  • BTP spreads widened throughout the session; Democrats party leader Zingarelli announced his resignation this afternoon.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.7bps at -0.686%, 5-Yr is down 1.6bps at -0.62%, 10-Yr is down 2.3bps at -0.311%, and 30-Yr is down 1.8bps at 0.202%.
  • UK: The 2-Yr yield is down 0.9bps at 0.08%, 5-Yr is down 2.4bps at 0.342%, 10-Yr is down 4.8bps at 0.731%, and 30-Yr is down 5.7bps at 1.283%.
  • Italian BTP spread up 0.8bps at 105.1bps / Spanish spread up 1.2bps at 69bps

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