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About Turn On JOLTS Openings Strength

US TSYS
  • Cash Tsys are back little changed on the day after the notably higher than expected JOLTS job openings, whipsawing after surging on the Chicago PMI miss shortly beforehand.
  • In yield space, 2YY are now just -1.4bp on the day having from trough to peak seen a 9.3bp swing between Chicago lows and post JOLTS highs, whilst 10YY are also -1.3bp on the day and reversing the post-PMI bull steepening.
  • Near-term FOMC implied rates: June OIS pricing jumps back to +17bp (+14bp pre JOLTS) and July +26bp (+21bp).

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