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Further Bear Steepening With Gaza Aid Headlines

US TSYS
  • Headlines that there is an agreement with Israel to allow humanitarian aid to move from Egypt to Gaza has seen a further bear steepening in the cash curve. 30Y yields breach 5%, +8bps on the day.
  • 2s10s meanwhile lifts to -30bps (+7bps on the day) but remains off recent highs of -25bps after payrolls on Oct 6.
  • Some technical factors also at play, with TYZ3 pushing through its earlier intraday low of 106-03, for a firmer clearance of support at 106-03+ (Oct 4 low) and testing the round 106 with a quick low of 105-30+.
  • More earnest support is next seen at 105-05+ (2% 10-dma envelope).
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