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The ECB cut rates by 25bp as widely anticipated, but a slightly hawkish tilt bear flattened the EUR curve, which in our view remains priced aggressively. In the US, as the markets head towards the Fed's first rate cut, the probability of a larger cut rose slightly on Thursday.

Treasuries are on a sharp rally fueled by bets that Fed rate hikes might be nearing an end. Investors could tap the opportune moment by going long on this instrument with the help of ETFs to make quick profits.