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Firmer But Rangebound, Productivity and Other Labor Data In Store

US TSYS
  • Treasuries have extended yesterday’s rally but remain within FOMC-inspired ranges, underperforming EGBs on the day as they catch-up with yesterday’s post-FOMC price action.
  • Cash yields range between 0.5-2.5bp lower, with declines led by the belly. The 0.5bp climb in 2s10s to -32.5bps consolidating yesterday’s steepening aided by a larger pace of QT reduction than expected.
  • TYM4 has pushed higher through European hours but at 108-00 remains 3+ ticks down from yesterday’s settle, and off highs of 108-06+. Volumes are above average at 350k.
  • Yesterday marked a step closer to resistance at 108-10 (20-day EMA) but the trend needle still points south with support at 107-04 (Apr 25 low).
  • Data: Challenger job cuts Apr (0830ET), Productivity/ULCs Q1 prelim (0830ET) ,Weekly jobless claims (0830ET), Trade balance Mar (0830ET), Factory orders Mar (1000ET)
  • Fed: Media blackout ends tonight.
  • Bill issuance: US Tsy $70B 4W, $75B 8W Bill auctions (1130ET)
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