OUTLOOK: Price Signal Summary - Bear Cycle In Bunds Remains Intact

{WO} BONDS: Core global FI markets edge away from session highs, no clear headline triggers.

• Move aided by round number resistance in Bund futures holding (130.00).
• Elsewhere, momentum in the OAT rally/spread tightening to Bunds stalls, with 10-Year OAT yields failing to break below 3.35%.
• Fresh demand for European benchmark equities also noted, although the intraday correlation between the two asset classes has been variable.

• +10,000 SFRZ5 96.37, post time offer at 0806:00ET.
• The Dec'25 contract trades 96.365 last (-0.010).

• Secured Overnight Financing Rate (SOFR): 4.19% (+0.04), volume: $2.932T
• Broad General Collateral Rate (BGCR): 4.16% (+0.04), volume: $1.144T
• Tri-Party General Collateral Rate (TCR): 4.16% (+0.04), volume: $1.113T
• (rate, volume levels reflect prior session)