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Risk Gets Modest Assist From Fed Bullard

US TSYS
Recent comments from StL Fed Bullard lending to rebound in risk appetite: "2023 MAY BE YEAR INFLATION SURGE WILTS" and "it now appears that the policy rate will move into the sufficiently restrictive zone during 2023", lending to bounce off lows in equities (ESH3 at 3849.0 vs. 3823.0 low).
  • Still an inside range w/ markets wary of the dovish tones from long standing hawk. Note, short end remains under pressure (ESH4 -0.040 at 94.875 - but off 94.835 low), terminal rate via FF: 5.01% in June is off earlier high of 5.08%, meanwhile 2s10s still well inverted (-72.838) but off lows (-75.275).

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