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Holding A Touch Firmer As Softer Equities Cancel Out ECB Speak

US TSYS

TY futures have respected the upper end of the early 0-07 range outlined earlier, with the contract last +0-05 at 115-10+, operating mid-range on sub-standard volume after some hawkish ECB speak was countered by a downtick in wider equity markets. Selling in TY futures then helped the space away from best levels at the turn of the hour. Cash Tsys sit 1-2bp richer across the curve as a result, with the light, intraday bull steepening bias intact. FOMC-dated OIS pricing continues to indicate that the tightening cycle is complete, with just over 70bp of cuts priced by year-end.

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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