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  • Ahead of the final prints of the Eurozone PMIs and the US labour market report this afternoon it is worth noting that as the UST curve continues to flatten, that the spread between UST 2s10s and German 2s10s continues to tighten. This box would now be priced below 45bp, a 15bp move from the pre-Thanksgiving levels (see the grey line on the chart).
  • A strong payrolls print today could pause this move lower, while a weak print could see continued compression.