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Some Thoughts On The Recent Leg Lower

BONDS

It would seem that the pressure in ACGBs & U.S. Tsys may be on the back of European traders assessing the inflation/stagflation narrative in a slightly different way to Asia-Pac traders, with crude markets on the defensive on the back of a potential U.S. SPR-IEA stockpile release and news reports suggesting Russia has offered crude to India at steep discounts. it doesn't look there was much in the way of month-end related demand in the ACGB space to counter the wider downward pressure.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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