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Bull Flattening With Modestly Lower Hike Expectations

US TSYS
  • Cash Tsys have bull flattened, with the rally broadly a continuation of a move which started with yesterday’s NY session and which appeared to be helped by a modest pulling back of rate hike expectations.
  • 2Y yields -2.0bps at 1.159%, 5Y-2.8bps at 1.582%, 10Y -2.8bps at 1.748% and 30Y -3.4bps at 2.073%.
  • TYH2 touches the highs since Jan 25 at 128-09, moving closer resistance at 128-14+ (20-day EMA) on average volumes.
  • Fedspeak: 0830 Harker Bbg interview (moderate, voter 2023) followed by 1000 Barkin (moderate, non-voter).
  • Data: Various important releases with ISM Mfg and final Markit Mfg PMI for Jan plus JOLTS for Dec.
  • NY Fed buy-op: TIPS 7.5Y-30Y, appr $1.225B vs. $0.925B prior (11120ET).
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