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Front-End Rates See Further Pressure, Putting US 2y South of 4.00%

CROSS ASSET
  • Renewed pressure on the UK short-end, as the front-end of the curve sees more downside at the NY crossover. 2yr Gilt yields hit new daily lows of 3.17% and the lowest level since Feb 9th and extend the day's pullback to 45bps.
  • German, French and US curves see similar moves, with the US 2y now through 4.00% to the downside for first time in over five months

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