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Post-ECB Reaction

US TSY FUTURES

Knee-jerk bid for Treasury futures as markets trim losses after the ECB delivered expected 25bp rate hike. Curves maintaining steeper profiles as short end outpaces bonds, 2s10s +2.156 at -96.739. Initial technical resistance for 10s currently trading 112-02 (-2.5) is at 112-17+/113-01+ (High Jul 24 / 50-day EMA).

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