All About DB

Rumor earlier this morning is that Deutsche Bank’s  fine will be lowered from   $14B   to   $5.6B  .DB has rallied smartly as a result DB   higher=Dax Higher=risk on!.Also helping the Risk on move is Chicago Pmi and Michigan Confidence  revision were both higher than consensus.

In the bond complex  Long end leading treasuries lower.In turn  steeping the yield curve for second day in a row.Inflation worries? or readjustment of Inflation expectations? 1,2,5 and 10 year  Inflation break-even are trading higher today continuing the trend higher.Reuters telling us “chunky algo sales” and  Block trade but of 10k 131.25 Puts in the 10 year complex adding to the bearish pressure.Plus stocks continuing to press higher will lead to lower bond prices.As I mentioned before I will default to Month end/Quarter End  for price gyrations.

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