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US TSYS SUMMARY: Curves bend steeper w/long end extending session lows in late
trade/pared early bid into Fed chair Powell's second day of testimony (House
FSC). Muted react again, but US$ reversed gains/moved lower on comment from Fed
chair: "more worried by lower inflation": more of an off-hand comment in
response to what keeps him up at night as no issues "flashing red" for economy,
risks remain balanced. Futures volume remains low (TYU<675k). No react to data
today: housing starts (-12.3% to 1.173m vs 1.32M est).
- US$ index paring strong gains: DXY +0.0.37 to 95.022 vs. 95.407H; US$/Yen
lower -.08 to 112.80 (113.14H/112.71L); equities mildly higher (emini +3.0,
2814.25); gold off lows (XAU +0.01, 1227.57); West Texas crude firmer/off lows
(WTI +0.55, 68.63). Muted summer trade, rates slip lower as US$/GBP climb off
yr-to-date lows. Modest knock-on bid coming into session w/ Gilts after UK June
inflation surprises to the downside. Bullard Friday ahead Saturday blackout.
Good option flow, upside call buyers, 2s10s steepeners in 2s10s, deal-tied
hedging front end. Tsy cash/ylds: 2Y 99-25 (2.609%), 5Y 99-11.25 (2.764%), 10Y
100-01 (2.869%), 30Y 102-23.5 (2.985%)