Bonds outperform T-notes on ECB monthly report

UK - Bonds marginally outperform T-notes with the 10-year yield spread narrowing to 1 bps as euro debt laps up the ECB's monthly report which highlighted an economic rebound in Europe could be delayed by 11 September attacks on U.S. cities.

The prognosis slightly increases expectations for a euro zone interest rate cut. T-notes, conversely, remain unchanged awaiting the result of a 2023-2027 bond buyback by the Treasury Department, due at 1500 GMT.

France sold 2.278 billion euros of 2004 BTANs

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