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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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20-Yr Supply And FOMC Minutes Eyed


Treasuries have edged higher in European trade after a fairly flat Asia-Pac session, albeit on weak volumes (TYU0 <150k). Supply and FOMC Minutes eyed.

  • The curve has continued flattening, with the long end outperforming ahead of the 20-Yr auction today: the 2-Yr yield is down 0.4bps at 0.1391%, 5-Yr is down 1.1bps at 0.2659%, 10-Yr is down 1.9bps at 0.6493%, and 30-Yr is down 2.8bps at 1.3674%.
  • Sep 10-Yr futures (TY) up 4.5/32 at 139-17 (L: 139-13 / H: 139-17.5).
  • 1300ET sees $25B sale of 20-Yr Tsy (we also get $55B in 105-154-Day bills at 1130ET). And NY Fed buys $1.225B of TIPS.
  • Jul FOMC minutes at 1400ET. We'll put out a short preview, but most on sell-side looking for discussion around potential action at the Sep meeting, particularly on forward guidance, and to a lesser extent, insight on asset purchase strategy.
  • Richmond Fed's Barkin speaks at 1500ET.
MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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