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Curve flattening continues Thursday amid post-Powell Fed tightening repricing (also noteworthy overnight was an endorsement of taper acceleration by Cleveland's Mester), with the short-end/belly underperforming.
- Though 2s and 5s yields are still below Nov highs, 2s10s are at the flattest levels since the 1st week of the year; 5s30s flattest since March 2020.
- The 2-Yr yield is up 4.2bps at 0.5929%, 5-Yr is up 4.5bps at 1.1805%, 10-Yr is up 3.4bps at 1.4375%, and 30-Yr is up 2.9bps at 1.7678%.
- The day's key data comes at 0830ET with jobless claims, though Nov Challenger Job Cuts may get a look at 0730ET ahead of Friday's payrolls.
- Atlanta's Bostic speaks on housing at 0830ET, then again at 1130ET. SF's Daly and Barkin appear in a Peterson Institute event at 1130ET. Gov Quarles shares his "departing thoughts" at 1100ET.
- Some attention still on averting Federal Gov't shutdown ahead of Fri midnight deadline - there's still no stopgap funding bill though one could be passed quickly if need be.
- Supply consists of $35B combined of 4-/8-week bills at 1130ET. NY Fed buys ~$1.075B of 7.5-30Y TIPS.