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2024’s Cheapening Continues Ahead Of Payrolls Data

US TSYS

TYH4 is trading at 111-29, -0-02+ from NY closing levels.

  • This comes after US tsys continued to cheapen in 2024 on the back of a rethink of aggressive rate hike bets, stronger data, profit taking, and supply.
  • Cash tsys finished 5-8bps cheaper on Thursday, with the curve steeper, following higher-than-expected ADP Employment Change data (164k vs 125k est) and lower-than-expected Initial Jobless Claims (202k vs. 216k est).
  • The market now awaits Non-Farm Payrolls data later today.

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