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EGBs had made some decent gains.........>

EGB SUMMARY
EGB SUMMARY: EGBs had made some decent gains before talk that Kevin Warsh was
being considered for Fed Chair, at which point Bunds followed the Treasury
market lower. 
- During the morning, the path of least resistance was higher because month-end
extensions were ahead and the Catalan referendum risk prompted a few to cling to
Bunds in case there was a risk off move. Spanish debt underperformed on Friday
but not markedly so, with a 10Y spread to Germany 1bp wider but then so were
BTPs.
- European CPI data came in a touch lower than expected in the headline index;
core inflation was 1.1%Y/Y and was in line with economist's forecasts. German
labour market data were very strong, with the rate of unemployment dropping to
an all-time low.
- European month-end extensions were not particularly large and had very little
influence upon EGBs.
- Going into the close, the 10Y German yield was -0.4bp at 0.474% with good
flattening of the 10-30Y spread. 

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