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Yield Curves Extending Steeper

US TSY FUTURES
Yield curves extend rebound off multi-year inverted lows w/30Y bonds following decline in Gilts - waiting for final BoE buy-op in long end results sometime after 1045ET (after low linker take up earlier).
  • Latest Fed speak underscoring moves after U-Mich inflation exp jump (1Y 5.1% vs. 4.6% est):
    • KC Fed George: TERMINAL FED FUNDS RATE MAY HAVE TO BE HIGHER AND STAY THERE FOR LONGER, BUT AM MORE CAUTIOUS THAN MOST ABOUT HOW QUICKLY WE DO THAT, Rtrs
    • SF Daly: LATEST CPI WAS VERY DISAPPOINTING, NOT SURPRISING, Bbg

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