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There has been a very bullish...........>

EGB SUMMARY: There has been a very bullish reaction to the FOMC, relief that the
Fed could have put an extra rate hike into the 2018 dotplots. 
- Powell mentioned how the Fed is striking a balance in his press conference.
Indeed, this is the overwhelming conclusion of the Fed reaction pieces that we
have seen this morning.
- The Jun-18 Bund contract opens 21 ticks higher at 158.09 and has continued
higher since. Currently the 10Y Bund yield is -2bp at 0.573% and the curve is
bull flattening. 
- French composite PMI has been released and showed a decline from 57.3 to a
still healthy 56.2 in March. This was somewhat below expectations and suggests
that the trade war threat is casting a shadow.
- Late yesterday, the Italian Treasury announced that next Monday it would sell
E2.5-3.0bln of a new 2Y CTZ alongside 2.0-2.5bln of a 5Y BTPei. There is no EGB
supply for the remainder of this week.
- Various Markit PMI reports and the IFO index at 1000GMT will be the headlines

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