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Spreads Down Sharply As ECB Policy Seen Easier, QT Not Discussed

BTP

BTP spreads falling sharply - both on the more dovish ECB rate outlook (charted) and, in the large move just after the hour, Lagarde saying they "deliberately" didn't discuss QT in a substantive way today.

  • 10Y spread last down 10bp at 211.7bp vs Bunds

10Y BTP/Bund Spread And Sep 2023 Implied ECB RateSource: BBG, MNI

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