The desk is seeing more front-end selling on Thursday which is in line with 3y selling after 4pm yesterday. Personally, I think 75bp is not fully off the table but there will need to be better data for that to be priced again. Block trades have signaled interest in TY buying and some market participants are talking about how potential rate locks for upcoming deals could have been the reason for long-end moves today. Liquidity is still poor and I'm sure gamma hedging is adding to some of the morning volatility.- UBS Strategy
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