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Cycle Extremes Hold, For Now

US TSYS

TYZ2 finds a bit of a base and wider Tsy markets nudge away from session cheaps, with bear flattening now observed as the major cash benchmarks run 2.5-4.5bp cheaper across the curve.

  • Note that none of the major Tsy benchmarks have managed to pierce their respective cycle highs in yield terms, with the retrace from lows coming after 2s and 3s pulled back from a test of their cycle extremes, as e-minis moved lower and GBP/USD gapped through all-time lows.
  • Headline flow remains light, with most of the attention on the FX space.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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