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Twist Flattening Holds


The early twist flattening impulse has held, even as Chinese assets look for clear direction and the move lower in e-minis has moderated, with China’s unwavering support for its zero covid strategy in the driving seat when it comes to wider market dynamics. Cash Tsys run 1.5bp cheaper to 1.5bp richer across the curve, with the inflationary and growth impulse from a lengthier period of ZCS in China being felt. TYZ2 deals -0-02+ at 109-31, 0-02 off the base of its 0-09 range. The previously flagged block sale in TU futures (-2.4K) headlines on the flow side thus far.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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