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Flattening to significant levels

GILTS

There has been a decent flattening of the curve today, helped by both slightly disappointing GDP data this morning, a flush out of positioning ahead of US CPI later today and by broader moves in core FI globally.

  • 2s5s still seeing some choppy moves and is 1.2bp flatter today at 19.6bp.
  • 5s10s is now at its flattest level of the month after moving 2.9bp lower on the day to 34.2bp.
  • 10s30s is at its flattest level since March 2020, having flattened 2.2bp to 27.2bp.

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