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Late Short-End Selloff

EGBS

Decent bearish move across the short end in Germany and in the Euribor strip ahead of the Europe cash close

  • End-2022 ECB implied rates up 10bp to 1.1% in the last 20 min (see chart), with Schatz yields hitting the highest since late Monday.
  • Not seeing a particular catalyst and the move largely seems contained to EU rates and not FX or equities. Potentially month-end related.

Source: BBG

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