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Stocks Inch Higher, But Gains Inconsistent

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  • Local & USD rates Unch so far this morning, having eased higher across both curves in yesterday's session.
  • Dovish comments from Erdogan saw early firmness reverse, with the USD curve more offered than locals.
  • USD duration (10Y & 15Y) seemingly outperforming the front-end, having retraced 50-61.8% of the 22 March move, while 2Y holds around 38.2%.