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Focus on Powell

BUNDS

Bund remains better offered since the cash open, following the initial corrective bounce yesterday.

  • The rally also got a boost from ECB Lagarde's comments that the ECB is closely watching longer term yields, also voiced by ECB Villeroy.
  • Bund this morning is we off that 175.02 high, with curve leaning bear steeper.
  • German curve is leaning bear steeper, despite 5/30s hovering near the session low.
  • Very little in term of data release for today, with EC CPI being the final reading
  • SUPPLIES: Fairly light with Italy zero coupon for EU2.5bn (equates 3.3k BTP or 2.5k Bund), and Netherlands 20yr EU2.5bn (equates 31k Bund)
  • Most attention will be on Fed Powell, and if he could echo the ECB on longer term yields.

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