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Bear Leg Extends




August Economic Activity Rises 1.1% M/m

US TSYS: T-Notes edged lower on Wednesday, with marginal bear steepening of the
curve seen, but when you zoom out it was just another inside range day for the
contract. Contract hovers a little above Wednesday's lows, -0-02+ at 131-03+.
- The tone of Wednesday's Fedspeak was largely consistent with the respective
policymakers' recent rounds of rhetoric, although comments from non-voter
Bullard drew the most attention. He discussed employment matters with CNBC,
noting: "Seems to me like by the end of the year you can get down certainly to
single digits, probably even below 8%, maybe 7% by the end of the year."
- U.S. COVID-19 case numbers continue to garner interest via various red
Bloomberg headlines, but their impact on the market has waned in recent times
(for the most part), and it would likely take a meaningful swing higher for
those metrics and/or the mortality rate to generate a notable reaction in
broader markets. Vaccine news remains positive at the margins.
- Eurodollar futures unchanged to -0.5 through the reds.
- Little of note on the docket in Asia, so headline watching and flows will be
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |