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Curves Bear Steepening

US TSY FUTURES
Thin markets/sidelined accts ahead Wed's FOMC policy annc has TYM2 nearing key resistance of 118-02+ 0.618% Fibonacci projection of the Mar 7 - 28 - 31 price swing.
  • Trading desks report real$ unwinds of earlier buying in 20s and 30s, prop acct unwinding flatteners.
  • Yield curves at/near session highs as bonds lead sell-off, 10YY breach of 3.0% to 3.0003% highest level since Dec 2018, albeit amid modest overall volumes (TYM2 <875k). Latest levels:
    • 3M10Y +8.826, 217.606 (L: 203.54 / H: 219.583)
    • 2Y10Y +5.44, 26.724 (L: 17.891 / H: 26.995)
    • 2Y30Y +5.676, 33.3 (L: 24.312 / H: 33.739)
    • 5Y30Y +1.697, 5.76 (L: 2.26 / H: 6.142)

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