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Bear Steeper With TYZ3 Near Support, U.Mich and Fedspeak Ahead

US TSYS
  • Cash Treasuries trade 1-3bp cheaper, bear steepening as 30s lead the sell-off in a continuation of pressure from yesterday’s very weak auction. 2s10s is at the lower end of the past month’s range at -39bps.
  • The front end meanwhile consolidates the sell-off seen after Chair Powell yesterday which has seen 2024 cut pricing trimmed from 88bp to 82bp despite a broadly similar message to the Nov 1 FOMC press conference.
  • TYZ3 at 107-13+ trades close to late yesterday lows of 107-10+ amidst strong volumes of 460k. It has come close to testing support at the 20-day EMA of 107-08+, clearance of which could pave way for a notable push lower to 105-27+ (Nov 1 low).
  • Data: U.Mich Nov prelim (1000ET) after a surprisingly large upward revision to 1Y inflation expectations in the Oct final.
  • Fedspeak: Logan (’23 voter), Bostic (’24) and Daly (’24), with Daly speaking for the first time in a month – see the STIR bullet for details.
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