It's crunch time for the TNX model provided in the backlink and reproduced below.
Below is the current snapshot. Time will tell if this model holds. This could still just be 3 of C with the rates to fall all the way down to fill the gap highlighted above. But if this really is 2 of 3 then I would not expect such a deep dip. The 50 is about as low as I would expect it to go in this situation.
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