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Rally Extends With Russia Military Expansion Headlines

US TSYS
  • The front-end to belly led rally extends by 2.5-3bps to 4.5-5bps for the day on headlines that Russian Defence Minister Shoigu proposes to raise the draft age range with a need to expand military forces to 1.5 million.
  • The broadly parallel shift richer across the curve does little to change 2s10s at -55bps (+1.5bps on the day) as it consolidates the significant steepening from last week’s -80bps.

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