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Curve Flattens Further, China Worries Weigh

US TSYS SUMMARY
  • The curve sits slightly flatter, with outperformance in the front and belly of the curve. Most notable strength seen in 5y, pressing yields lower by close to 3bps.
  • Uncertainty surrounding Chinese listings in the US (US regulators have paused IPO registrations for Chinese firms) as well as a particularly poor earnings report from Amazon after-market yesterday have sent index futures lower, prompting yields to follow suit.
  • Corporate pipeline typically light for a Friday after Thursday's relatively busier session. Markets digested $15.1bln in supply, with $6.5bln stemming from the Apple deal.
  • Focus turns to PCE numbers for June as well as the July MNI Chicago Business Barometer.
  • The 2-Yr yield is down 1bps at 0.1937%
  • The 5-Yr yield is down 2.7bps at 0.7079%
  • The 10-Yr yield is down 2.2bps at 1.2473%
  • The 30-Yr yield is down 1.8bps at 1.9019%
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