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Back Near Highs, Yield Curves Bull Steepen

US TSY FUTURES

Post-data gap bid met with bout of selling/unwinds as move retraced near half the rally. Yield curves slow to react are finally bouncing off deeper inverted levels:

  • 3M10Y -21.864, -90.036 (L: -93.113 / H: -72.087)
  • 2Y10Y +5.783, -71.653 (L: -84.838 / H: -69.622)
  • 2Y30Y +12.557, -68.633 (L: -86.5 / H: -65.618)
  • 5Y30Y +11.093, -10.914 (L: -29.332 / H: -7.412)
That puts 2s10s back at Dec 2 levels - if not Dec 2 highs when 2s10s tapped -63.170 "high" briefly after higher than expected Nov jobs gain of +263k (+200k est) before finishing -78.456 low post jobs.

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