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The Bank of England is inching towards the first rate cut, which we expect in August
Tight bond correlations means US nonfarm payrolls data is also important for 10y Bund yields
Bonds see positives in what Chair Powell had to say, and less QT pushes in the same direction
Fed rate hikes remain unlikely, but the Fed is prepared to leave interest rates at current levels until that progress is achieved or the jobs market…