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SocGen analysts opined on US, BOE and ECB...>

US VIEW
US VIEW: SocGen analysts opined on US, BOE and ECB policy direction that there
will be "no ECB tightening before January; no BoE hike," and the "next FOMC hike
in December (that'd be a surprise)," and the Fed's balance sheet "SOMA run-off
starting in October." They add there is a "potential for upbeat macro data to
surprise into year-end" and "conditional covering."
- Thus they urge to "trade range" in Tsys "tactically with a bearish bias. Enter
Treasury shorts in the belly of the curve on dips into the bottom end of the
range (2.25%
and below on 10yT)," and take "profits on drifts into the upper end (2.45%- and
above on 10yT)."

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