ACGBs have richened ahead of domestic retail sales data (due in ~1 hour), with the move higher aided by an uptick in U.S. Tsys amidst a lack of notable macro headline drivers. Cash ACGBs run 4.0-12.5bp richer across the curve, bull steepening, aided by the post-FOMC dynamic in Tsys. 3s lead the bid, seeing 3-Year yields hit levels last witnessed at the end of May after sinking below the 2.80% mark. YM is +13.5, a little above its overnight high, while XM is +8.0, just shy of its own overnight peak. Bills run 10 to 15 ticks richer through the reds, ticking higher after breaching their own overnight highs. EFPs have narrowed, with the 3-Year narrowing by over 5bp, twist flattening the 3-/10-Year box.
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