MNI BRIEF: Goolsbee Suggests Preference For Gradual Fed Cuts

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Bonds Extend Lows

US TSY FUTURES
  • Curves moving steeper (3M10Y +3.904 at -113.097, 2Y10Y +1.049 at -48.471) with bonds extending lows in the last few minutes, no obvious headline or Block post driver. At the moment, Mar'24 30Y futures on low of 118-18 (-14), 10Y at 110-02 (-6.5).
  • Incoming Tsy supply ($50B 3Y Note auction (91282CJP7) and $68B 26W bills Dec-11 1300; US Tsy $37B 10Y Note auction R/O (91282CJJ1) and $75B 13W Bills at 1300ET) has generated pre-auction short sets, while others ply the sidelines ahead of the week's data (CPI, PPI) and event risk (FOMC).
  • Despite this morning's move, trend direction in Treasuries remains up. The contract has pulled back from its recent highs, however, the move lower appears to be a correction. 110-25, the 1.00 projection of the Oct 19 - Nov 3 - Nov 13 price swing, has recently been cleared. This reinforces the bull theme and a continuation higher would open 111-19, the 1.236 projection. Note that MA studies are also in a bull-mode position. Initial key support is at 108-18+, the Nov 27 low.
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