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ECB, calibrating not tapering
podcast US equity markets have closed in the red again with the S&P 500 extending its decline to a fourth day in a row. The UST curve bull flattened with a solid 30y auction contributing to move lower in longer dated yields. The USD weakness evident in our afternoon session yesterday accelerates overnight with greenback failing to show any safe haven demand, Euro and AUD are little changed. As expected, the ECB will moderate its Pandemic Emergency Purchase Program (PEPP) bond buying pace in Q4 with its December meeting now a key event. China makes historic sale of oil reserves weighing on oil prices. US equity ... (full story)