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No meaningful impact from the suite of local data that hit at the bottom of the hour. Bull steepening had taken over ahead of the data dump, even with the front end of the U.S. Tsy curve leading the way lower that particular space. That leaves YM +2.0 and XM +0.5 in the wake of the data. Official PMI readings out of China, due in ~20 minutes time, provide the next hurdle for markets.