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Futures Remain Above Friday Lows, Quiet Data Start To The Week

US TSYS

TYH4 is trading at 111-05+, +01+ from NY closing levels.
• US treasuries finished the week off lows Friday despite comments from SF Fed President, Mary Daly. She pushed back against market expectations for interest rate cuts soon, saying she needs to see more evidence that inflation is sustainably headed toward 2% before adjusting rates.
• In the cash market the UST curve flattened while outright yields pushed higher all week, the 2yr up 24bps to close at 4.384%, while the 10yr up 19bps to close at 4.122%.
• Mar'24 10Y futures climbed back to 111-06 (-.5) before settling back in at 111-04, well inside technical ranges: initial support of 110-26 Friday Intraday low, resistance above at 111-28+/112-26+ (20-day EMA / High Jan 12).
• There is a quiet start to the week ahead, as the Fed enters media blackout regarding monetary policy late Friday (through February 1, day after the first policy announcement for 2024). In the US session later today, the Leading Index (pr,-0.5%, est,-0.3%) is data out and US Tsy $77B 13W, $70B 26W Bill auctions.

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