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Rally in Check?

US TSY FLOWS

Trading desks report another couple rounds of selling from leveraged accts in 5s, 10s and 30s after selling into midmorning/week highs in 10s and 30s.

  • Note, EGBs finishing strong, particularly short end German Bunds and longer UK gilts.
  • Curves remain flatter but off session lows as bonds climb back to middle of last week's range.
  • Cross-market two-way positioning into the weekend, risk-off tone amid heightened tension over Russia/Ukraine. Latest headline from AFP: "NATO rejects Russian demand to withdraw troops from Bulgaria, Romania."
    Equities remain weaker (ESH2 -45.0 at 4429.75), most sectors in the red with Real Estate, Utilities and Consumer Staples outperforming:
  • Equities remain weaker (ESH2 -45.0 at 4429.75), most sectors in the red with Real Estate, Utilities and Consumer Staples outperforming:

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