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Bond Support Evaporating

US TSY FUTURES
  • Mirroring Gilts, intermediate to long end Treasury futures are slipping lower again, heading into the European close. Near early session lows, Sep'23 10Y futures trading 109-25 +.5 vs. 109-23 -- still inside yesterday's wide range. Yield marked 42327% high.
  • Curves remain steeper: 3M10Y +2.117 at -122.754, 2Y10Y +2.408 at -72.351.
  • Decent volumes in the lead-up to this afternoon's July FOMC minutes release at 1400ET, 10Y futures over 960k. Combination of position squaring, option hedging and rolling to Dec'23 contributing.

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