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Cheaper On Thursday

US TSYS

TYH4 deals at 112-22+, +0-01, in line with late NY levels.

  • Cash tsys finished 1-4bps cheaper across the major benchmarks, the curve bear steepened.
  • Tsys ticked away from session highs as technical flows, better than expected Jobless Claims and a well digested 5-Year TIPS auction weighed.
  • Earlier in the session support was seen after softer than forecast GDP and Core PCE revisions for Q3.
  • FOMC dated OIS are stable pricing ~130bps of cuts by November 2024.
  • The docket is thin in Asia today, further out we have US personal income and spending, new home sales, durable goods and UofMich consumer sentiment.

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