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Flow & Fed Pricing Bias Curves Flatter Post-ISM, Base Found In Recent Trade

US TSYS

The aforementioned feedthrough into FOMC pricing in the wake of the ISM services release, coupled with the UXY/WN flattener flow, biases the curve flatter.

  • Both 2s10s and 5s30s move to fresh session flats.
  • Cash benchmarks now run little changed to 7bp cheaper on the day, with the flattening move finding a bit of a base in recent trade.
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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