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Firmer On ECB Decision, Lagarde Comments Awaited

EGBS

The previously outlined softening in ECB-dated OIS, on the back of slight tweaks to the ECB’s language surrounding sufficiently restrictive policy and the remuneration tweak on minimum reserves has allowed Bund futures to near early session highs, with the German cash curve bull steepening aa 3.5-7.0bp of richening is seen and the belly outperforms. Peripheral spreads generally pull back from session wides before Lagarde steps to the podium.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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