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Treasuries Cheapen Through ECB Presser As Powell Starts

  • Treasuries have cheapened through ECB Lagarde’s press conference, driving 2YY +5bps on the day and now unwinding a large part of yesterday’s rally whilst 10YY swings 5bps higher since reaction to the decision announcement for +1bp.
  • It largely preserves the 4bp drop in 2s10s to -20bps but still holds near highs since the Jul FOMC.
  • Powell now speaking.

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