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US rates rally on (seemingly) strong data....Bunds well bid through presser

CREDIT MACRO

S&P futures +0.3% finding support from GDP print. US rates rallying seems bit counter-data at this point - our US Economists sees net natural to positive from the data - the initial claims in volatile print and as Chris H noted "the four-week average pushed lower again to just 202k (a 220k in Dec 22 dropped out). Recall the lowest single print in 2019 was 197k".Bunds well bid through presser - 3bps of outperformance vs UST's this afternoon. Q&A bring the more interesting remarks.

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