USTs – Bullish After Data Under-whelms Outside U.S.

U.S. treasuries rebounded on Thursday (10y 2.92, -3.1 bps), while equities managed to recover from overnight losses. The economic calendar in the U.S. has been ultra-quiet, but a series of misses across the Eurozone have sent its Citigroup Economic Surprise Index below zero for the first time since September 2016.

The outlook for the next 5 and 20 trading days is bullish with 5 through 10-years expected to out-perform.

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