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- US 5s/30s is taking another leg lower, this is led by selling in the shorter part of the curve.
- UK and Germany 5/30s are steeper this morning, some divergence among cores.
- US 5/30s is flattest since 11th March, and further flattening will target 53.634, the 76.4% retrace of the 2018/2021 rally.
Chart source: Bloomberg