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Extending Lows Post-Claims, Philly Fed

  • Futures extend lows after weekly claims comes out lower than expected at 228k vs. 240k est., Philly Fed -13.5 vs. -10 est. Knee-jerk selling sees front month 10Y futures mark 112-09.5 low (-22.5) before bouncing to 112-14.
  • Latest 2s10s curve extends inversion to -104.783 low. Compares to appr 40-year lows tapped in early March and July of -110.89.
  • Break of initial support at 112-07+ (Low Jul 13) puts focus on 111-03+/110-05 Low Jul 11 / 6 and the bear trigger.

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