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CREDIT PRE-MARKET

S&P futures are +0.4%, similar move in equites & relatively muted in vol - all sectors sub 1%. Lack of direction from risk assets echoed in headline credit moves - €IG finished -0.5 tighter yesterday in its 7th straight session of sub 1bp moves. Again no clear skew in €IG curves.

Focus today on Fed speak from Goolsbee ('25 V) at 2:30pm Lon/9:30am ET & Barr (Perm V) after our close at 9pm/4pm ET - both coming with text, Q&A & livestream. Goolsbee did speak last week but Economist notes as a relative dove will be of interest post CPI. Barr has not spoken on MPol recently so also that will be watched.

$IG primary was quiet yesterday helping spreads finish -1bp tighter despite a equity & rates sell-off - yield buyers returning post-CPI the support for credit. Primary expected to resume today - BNP came o/n for a AT1 (see above) & Bristol Myers (A2 Neg, A S) Is reported to be bringing a $13b/8-tranche deal that may price today. WTD $IG volume is at $11b (c$20b), net ETF flows look flat over yesterday's session.

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