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Bull Flatter, With PMIs And Powell Ahead

US TSYS

Treasuries have traded within Thursday's ranges for the most part overnight, with 10 and 30Y yields retracing from recent highs. The curve is a little flatter, with short-end yields anchored.

  • A few catalysts weighed in Asia-Pac hours (incl Evergrande paying a US$ bond coupon that had been missed), but headlines were mainly risk-off (Sino-US tensions over Taiwan, equity weakness, poor UK retail sales data). European PMIs were mixed.
  • The 2-Yr yield is down 0.1bps at 0.4534%, 5-Yr is down 0.6bps at 1.2336%, 10-Yr is down 1.9bps at 1.6819%, and 30-Yr is down 2.8bps at 2.1199%.
  • Dec 10-Yr futures (TY) down 3/32 at 130-03 (L: 129-31.5 / H: 130-07.5)
  • Fed Chair Powell speaks on a panel at 1100ET - he's the last scheduled FOMC speaker before the pre-Nov meeting blackout, so it bears watching for any final guidance ahead of a very likely taper announcement in two weeks' time.
  • We also hear from SF Fed Pres Daly at 1000ET (on climate change risks).
  • The data highlight is US October prelim PMIs at 0945ET.
  • NY Fed buys ~$6.025B of 4.5-7Y Tsys.
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