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The bond market's reaction to..........>

BOND SUMMARY: The bond market's reaction to yesterday's Fed minutes, and the
official beginning of US-China bilateral trade tariffs, has been fairly muted. 
- 10Yr Sep8 futures are largely flat, with JGBs up 2 ticks at 150.99, and Bunds
off 3 ticks at 162.67, the latter on the backfoot amid good production data.
- Sep8 Gilts off 8 ticks at 123.26, with the Cabinet meeting on Brexit eyed.
- 10Yr UST yields up 0.4bps at 2.833%. June payrolls in focus later; MNI's
Washington team notes that recent history suggests upside risks to analysts'
+195k projection for the headline figure (contact us for further details). 
- Fairly limited action in rates futures strips ahead of payrolls as well.
Eurodollar contracts are up 1-1.5 ticks across the strip, whereas Short Sterling
is off a tick. Euribor is almost completely flat.
- Eurozone periphery bond spreads are a little tighter following yesterday
afternoon's sell-off. Portugal and Spain 10s are each in about 1bps to Bunds at
149.4bps and 101.9bps respectively.
- Italian BTPs the outperformer after underperforming yesterday, 2s spread to
Bunds narrower by 9.6bps (140.4bps) and 10s in 4.9bps (237.9bps).

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