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Bonds Bouncing Off Lows

  • Still in the red, Treasury futures are bouncing off midmorning lows, USM3 currently trading 131-07 (-104) vs. 130-19 low, TYM3 at 115-11 (-24.5) vs. 115-00.5 low, well above technical support of 114-00 20-day EMA.
  • Rebound coincided with release of Dallas Fed Manufacturing index data (-15.7 vs. -10.0 est, -13.5 prior) but more likely driven by stocks paring gains (SPX Eminis 10 at 4011.25) as bank shares recede. Financials sector sill outperforming, however.

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