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GoCs Soften With Risk-On Sentiment

  • GoC yields broadly hanging onto their open higher, sitting +3.5-4bps, buoyed by the easing in China Covid restrictions (first over the weekend in both Shanghai and Beijing but also more recently) as growth implications win out over disinflationary impacts from unwinding latest supply side disruption.
  • GoCs outperform European sovereigns though after stronger than expected inflation releases, especially in the regional German prints.
  • BAX futures are more responsive to the risk-on sentiment, with implied yields rising 5-7bps through Dec’22-early ’24 but still 40bps below previous highs for the terminal rate.

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