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Cash Yields Reopen Higher After Break, 10Y Near YTD Highs

US TSYS

TYH4 is currently trading at 109-19, down - 04+ from New York closing levels.

Treasury futures have opened steady in Asia, while Cash trading gets underway after President's day on Monday.

  • Mar'24 10Y futures drifting lower throughout the European and US sessions, trading within tight ranges throughout making highs of 109-27 and lows of 109-19 within Friday's price parameters, as trading gets underway in Asia on Tuesday, we trade towards the bottom of Mondays range at 109-20.
  • Cash trading has reopened for the week, with the curve 1-4bps higher in yield terms. The 2Y yield is +1.1bp to 4.652%, the 10Y is +3.3bps higher at 4.313% just below ytd highs of 4.33%, while the 2y10y is +2.493 at -33.959.
  • Morgan Stanley has urged investors to take a neutral stance on treasuries after their longs on 5 year treasuries was stopped out after yields hit 4.24%.
  • Looking ahead today: Philadelphia Fed Non-Manufacturing Activity & Leading Index is due out.
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