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Extending Highs

Bonds continue to extend highs after the bell, heavy volumes (TYU >725k), yield curves bull flattening (5s30s 110.188L). 10YY falls to 1.2153% -- through 200DMA on move back to mid-Feb levels.
  • Of the various drivers for bid -- global spd of covid delta variant, spike in case counts spurring safe haven buying in EGBs, GBP, Tsys.
  • Sources report prop, real$ and foreign bank buying in 5s-30s, fast$ selling bonds and taking stab at entering steepeners vs. intermediates.

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