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Bear Steepening

US TSYS SUMMARY

TSY futures have pushed lower through the session and the curve has bear steepened alongside a weak session for stocks.

  • UST cash yields are 1-4bp higher across much of the curve with the 2s20s spread 4bp wider on the day.
  • TYZ1 trades at 133-05, near the bottom of the day's range (L: 133-02 / H: 133-16).
  • The Fed's Mester indicated a preference for tapering this year, stressing "I don't think the August employment report has changed my view that we've made substantial further progress".
  • Headline PPI data for August was a touch better than expected.
  • Next week sees the release of CPI and retail sales data for August, as well as the preliminary September update of the University of Michigan Consumer Confidence report.
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