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Bonds Extend Sell-Off on Strong Home Sales, Consumer Confidence

US TSY FUTURES
Surge in Aug new home sales (+28.8% to .685M SAAR), rise in consumer confidence to 108.0 vs. 104.6 est. ushers in renewed selling in 5s-30s, yield curves bear steepening as 2s outperform: 2s10s +8.708 at -34.211 -- mid-Sep levels vs. -57.943 last Thursday.
  • Technical selling in TYZ2 as futures drop through first support of 111-00+ (Low Sep 26) to 110-27, next key support: 110-13+ 3.0% 10-dma envelope to 110.
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Surge in Aug new home sales (+28.8% to .685M SAAR), rise in consumer confidence to 108.0 vs. 104.6 est. ushers in renewed selling in 5s-30s, yield curves bear steepening as 2s outperform: 2s10s +8.708 at -34.211 -- mid-Sep levels vs. -57.943 last Thursday.
  • Technical selling in TYZ2 as futures drop through first support of 111-00+ (Low Sep 26) to 110-27, next key support: 110-13+ 3.0% 10-dma envelope to 110.