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A Mixed Session Ending Ultimately Little Changed Ahead Of US CPI

US TSYS
  • Treasuries have seen a volatile session, in part having lurched higher and then more than reverting on questionable Taiwan headlines from The Messenger early on.
  • Subsequent attention was then on the twin note auctions, with the 3Y progressing smoothly before the 10Y saw another tail following its recent trend along with soft internals.
  • A brief cheapening aside on the latter, the broad trend since then has been one of paring earlier losses for only a mild twist steepening on the day the pivot from 10s onwards remaining modestly cheaper on the day (2YY -1.9bps, 5YY -1.4bps, 10YY +0.4bps and 30YY +0.1bps).
  • TYU3 sits a little above the middle of its range at 113-14+ (+2 ticks) as volumes start to pick up closer to recent averages in increased activity of late but still lagging at 1.13M ahead of tomorrow’s CPI report (preview) and the FOMC decision on Wed (preview). It doesn’t trouble resistance at 114-06+ (Jun 6 high) whilst the key bear trigger at 112-29+ (May 26/30 lows) remains exposed.
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