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Fresh Lows, Should Fed Have Followed BOE/ECB Rate Hike Size?

US TSY FUTURES

Lead quarterly Mar'23 Tsy futures making new post-data lows after working through round of short covering, delta hedging, profit taking. Bonds back to early Wednesday - pre-FOMC levels, 30YY taps 3.6271% high, 3.6255% last +.0807. Heavy volumes: TYH3 over 1M already. Yield curves bear flattening as short end unwinds more dovish pricing following Wed's policy pivot.

  • 3M10Y +8.003, -117.02 (L: -129.237 / H: -116.391)
  • 2Y10Y -2.158, -73.719 (L: -76.351 / H: -69.701)
  • 2Y30Y -5.631, -61.989 (L: -65.22 / H: -54.675)
  • 5Y30Y -5.655, -0.144 (L: -2.758 / H: 8.622)

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