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Curve Twist Steepens On Thursday

US TSYS

TYZ3 deals at 105-14, +0-00+, in line with late NY levels.

  • Cash tsys finished 6bps richer to 12bps cheaper across the major benchmarks, the curve twist steepened pivoting on 5s.
  • Remarks from Fed Chair Powell yesterday were the main driver of Tsys yesterday, the front end bid was driven by Powell noting that incoming data showed progress towards the dual mandate goals. The long end perhaps focused on remarks that policy is not too tonight right now.
  • The 10 Year Yield has not breached 5.00% as of yet and closed yesterday's dealing at 4.990%.
  • Support in TY comes in at 105-01+, 2.0% 10-DMA Envelope.
  • Piladelphia Fed President Harker noted a short time ago that the impact of higher rates is not yet fully absorbed, and restrictive rates will keep pressing down on inflation.
  • National CPI from Japan and Fedspeak from Dallas Fed President Logan headlines in Asia today, further out the data docket is thin on Friday. Fedpseak from Hark and Mester is due in the NY session today.
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