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Upside Pressure In Tsy Yields Weighs On Equities, Supports USD

CROSS ASSET

The previously alluded to moves in U.S. Tsys, which have seen the 5- to 10-Year zone breach the respective yield peaks from Wednesday, is supporting the USD and weighing on the wider equity space, with S&P 500 e-minis through Wednesday’s low and the Hang Seng on the defensive, shedding ~1.4%. This comes after a firmer than expected prices paid component was registered in the latest ISM manufacturing survey, while Wednesday also saw Minneapolis Fed President Kashkari (’23 voter), one of the more dovish on the historical Fed spectrum, point to having an open mind re: the deployment of a 25/50bp hike in March.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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