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Front End Shrugs Off Russia Partial Mobilisation Ahead Of FOMC

US TSYS
  • Cash Tsys have rallied from yesterday’s new cycle highs across the curve, with yields helped lower by Putin announcing ‘partial’ military mobilisation before retracing the move to differing degrees, more so at the front end as yields remain close to 4% ahead of today’s FOMC decision.
  • 2YY -0.8bps at 3.959%, 5YY -2.1bps at 3.725%, 10YY -2.5bps at 3.538% and 30YY -2.7bps at 3.543%.
  • TYZ2 trades 6 ticks higher at 114-01 on above average volumes. The trend needle still points south despite pulling off yesterday’s low of 113-20+, which now forms initial support just above 113-19 (Jun 19, 2009 low cont.).
  • FOMC policy announcement including Summary of Economic Projections at 1400ET before Powell's Press Conference at 1430ET
  • Data: Existing home sales for Aug and weekly MBA mortgage applications
  • Bill issuance: US Tsy $30B 119D Bill CMB auction (912796ZL6) – 1130ET
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