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Bonds Extended Highs Post Auction, Sees Technical Selling

US TSY FUTURES
After paring gains in lead-up to the 30Y auction, Bonds climbed to new highs briefly after strong 3.2bp stop (4.080% high yield vs. 4.112% WI).
  • Trading desks note some prop/fast$ selling on the highs, technical selling after Tsy 10Y futures crossed 50-day EMA of 112-12.5 to 112-17 high (+2-06.5), to 112-10 last.
  • Participants still absorbing combination of softer than anticipated CPI inflation data and mildly cautionary Fed speak from Cleveland President Loretta Mester:
    • “Despite the moves we have made so far, given that inflation has consistently proven to be more persistent than expected and there are significant costs of continued high inflation, I currently view the larger risks as coming from tightening too little,” Mester said in prepared remarks to the Princeton Bendheim Center for Finance.
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After paring gains in lead-up to the 30Y auction, Bonds climbed to new highs briefly after strong 3.2bp stop (4.080% high yield vs. 4.112% WI).
  • Trading desks note some prop/fast$ selling on the highs, technical selling after Tsy 10Y futures crossed 50-day EMA of 112-12.5 to 112-17 high (+2-06.5), to 112-10 last.
  • Participants still absorbing combination of softer than anticipated CPI inflation data and mildly cautionary Fed speak from Cleveland President Loretta Mester:
    • “Despite the moves we have made so far, given that inflation has consistently proven to be more persistent than expected and there are significant costs of continued high inflation, I currently view the larger risks as coming from tightening too little,” Mester said in prepared remarks to the Princeton Bendheim Center for Finance.