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Awaiting Fiscal Developments

US TSYS SUMMARY

Tsys have clawed back late Thursday losses as we - yet again - await further political developments ahead of the long weekend.

  • Fairly quiet trading in Asia despite the return of China from holidays, with Tsys ticking up from late NY lows, and edging higher in European trade as equities faded earlier gains, though within limited ranges.
  • The 2-Yr yield is down 0.4bps at 0.1469%, 5-Yr is down 1.1bps at 0.3262%, 10-Yr is down 2bps at 0.7654%, and 30-Yr is down 2bps at 1.5663%. Dec 10-Yr futures (TY) down 0.5/32 at 138-29 (L: 138-24.5 / H: 138-30.5.
  • Most attention of course will be paid on any fiscal developments in D.C. and, perhaps, further wrangling over Pres debate scheduling. Meanwhile, House Speaker Pelosi holds a press conference at 1015ET to discuss a new "Commission on Presidential Capacity" (ref 25th Amendment).
  • Only data is Aug wholesale inventories at 1000ET.
  • The last scheduled Fed speaker until next Wednesday is Richmond's Barkin, who appears at 0900ET.
  • No supply. NY Fed buys ~$8.825B of 2.25Y-4.5Y Tsys.

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