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Edging Higher Within Ranges

US TSYS SUMMARY

Tsys are touching session highs but well within the ranges post-Tues sell-off and trading in limited volumes, with few headline drivers so far Thursday. Some limited flattening in the curve, with stock futures slightly higher and the dollar weaker.

  • Mar 10-Yr futures (TY) up 4/32 at 137-17.5 (L: 137-14 / H: 137-18), just ~185k traded.
  • The 2-Yr yield is down 0.4bps at 0.1545%, 5-Yr is down 0.6bps at 0.4083%, 10-Yr is down 0.7bps at 0.9294%, and 30-Yr is down 0.7bps at 1.6783%.
  • Morning headlines have mainly been about Brexit (back-and-forth takes on near-term deal potential), with mixed-to-positive eurozone econ data not really moving the needle.
  • Challenger Job Cuts for Nov at 0730ET is the appetizer for weekly jobless claims at 0830ET (and of course NFPs Friday). Final Svcs/Composite PMI at 0945ET, then Nov ISM Services at 1000ET.
  • No scheduled Fed speakers today; reminder pre-FOMC blackout begins this weekend.
  • In supply, it's another day of bill sales: $65B of 4-/8-week at 1130ET. NY Fed buys ~$1.75bn of 20-30Yr Tsys.

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