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• Long end yields plunged today after the US Treasury announced they would “at least double” buybacks of securities in the 10-30y sector of the UST curve.
• Returning corporate tax rates to their 1950s-1990s average level alone would cover 88% of the increase in debt service costs from calendar 2019 through the last 12 months.
• The broad Bloomberg USD Index fell 78 bps on the day overall, its third-worst day since January.

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