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Data Eyed As Candidates Hit The Midwest


Weakness in tech stocks post-earnings after the bell Thursday carried on into the overnight session, with Tsys moving off Thursday's lows. But equities found a footing in early European trade and Tsys have retreated in sympathy, now in the middle of the overnight range.

  • Some data out later this morning, but with little else scheduled, market participants could be forgiven for taking a breather before next week's heavy slate of events (FOMC meeting, nonfarm payrolls, refunding announcement, and of course, the election).
  • Dec 10-Yr futures (TY) up 2.5/32 at 138-15.5 (L: 138-13 / H: 138-19.5); w volume on the strong side, ~355k.
  • The 2-Yr yield is unchanged at 0.1466%, 5-Yr is down 0.6bps at 0.3638%, 10-Yr is down 0.2bps at 0.8215%, and 30-Yr is down 0.1bps at 1.6006%.
  • Dollar has fluctuated but basically trading sideways: despite strong Q3 GDP prints in Europe, the Euro shrugged as more attention on lockdowns to come, and ECB easing.
  • Another solid data slate today: 0830ET sees Sep personal income / core PCE prices, with Oct MNI Chicago PMI at 0945ET and Oct UMich sentiment at 1000ET.
  • With four days to the election, Pres Trump visits Michigan, Minnesota and Wisconsin, while Biden overlaps, in Minnesota, Wisconsin and Iowa.
  • No supply today; NY Fed buys ~$1.225B of 7.5-30Y TIPS.

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