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Back Closer To Immediate Post Payrolls Levels

  • Cash Tsys have seen a reasonable rally after yesterday’s sell-off with only the short-end underperforming, as yields pull back from new pandemic era highs when the 10Y got close to 2% at 1.969%.
  • 2YY are -1.6bps at 1.326%, 5YY -3.1bps at 1.785%, 10YY -3.4bps at 1.929% and 30YY -3.2bps at 2.224%.
  • TYH2 is up 7 ticks at 126-25+ and very nearly through yesterday’s range on above average volumes. Resistance is seen at 127-24 (Feb 4 high) whilst initial support is yesterday’s low of 126-15+.
  • Fedspeak likely dominates second tier data, with Fed Gov Bowman at 1030ET (no text, moderated Q&A) followed by Cleveland Fed Mester at 1200ET (hawk, voter with text/q&a)
  • Issuance: US Tsy $37B 10Y Note auction (1300ET)

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