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Big Range on Reversal

US TSY FUTURES
Long end support has completely evaporated, Bonds leading sale to new session lows over last hour, wide ranges on heavy volumes (TYU already over 1.5M) as yield curves bear steepen after Monday's sharp bull flattening. Risk-on gains traction as equities continue to improve (ESU1 +56.0).
  • Current 10YY at 1.2053% after falling to 1.1260% earlier (early Feb level), 30YY currently 1.8508% vs. 1.7781% low.
  • Trading desks report prop and fast$ accts sold 5-10s early, steepeners in 2s and 5s vs.10 and 30s, real$ selling 30s, deal-tied selling in shorts to intermediates. Some long end buying from dealers in 30s more recently.

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