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ABN AMRO Now Sees 50bp Hike In July


Late Call Spd Buying


Trend Conditions Remain Bullish


Fed Hike Expectations Back Near Post-FOMC Levels

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Yield Curves Bending Steeper


Futures inching off lows over the last hour, shorts to intermediates outperforming albeit on muted volumes (TYU just over 800k), yield curves bending steeper:

  • 3M10Y +0.73, 125.804 (L: 124.4 / H: 128.82)
  • 2Y10Y +0.837, 108.017 (L: 107.18 / H: 110.026)
  • 2Y30Y +1.719, 171.067 (L: 169.088 / H: 172.878)
  • 5Y30Y +1.054, 115.434 (L: 113.139 / H: 116.195)
Not a lot of conviction driving the move, more position squaring related ahead the weekend. There may be some gradual risk-off build tied to rising virus case count abroad (UK +51k for example) -- though that is unlikely to slow re-open plans while death rates remains low.
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |

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