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FI markets have pulled back ahead of...>

BOND SUMMARY
BOND SUMMARY: FI markets have pulled back ahead of Jackson hole, with few
immediate catalysts on the data calendar to add into the mix. 
- USTs have traded weaker with yields up 3-4bp across the curve. TYU9 trades at
129-31, near the bottom of the day's range.
- The German bund curve has bear steepened with the 2s30s spread widening to
79.5bp from a morning low of 75.2bp. Current yield levels: 2-year -0.868%,
5-year -0.855%, 10-year -0.624%, 30-year -0.062%
- The OAT sell-off has been slightly more aggressive with 2s30s trading up 6bp
on the day.
- BTPs have outperformed on a relative basis with yields up to 2bp higher.
President Mattarella yesterday gave rival parties until Tuesday to form a new
coalition government.
- Boris Johnson's meetings with the German Chancellor and French President have
received mixed reviews. Ultimately, the seemingly intractable problem of the
Irish border and UK parliamentary arithmetic have not changed. Long-end gilt
yields are off ~4bp.

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