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Gains Extend, Resistance Nearing

US TSYS
Treasury gains have extended a little pre-ADP, with TYM3 touching a session high 116-07. Tuesday's high of 116-09 is the upside level to watch. Beyond that, 117-01+ is the Mar 24 high the bull trigger.
  • Comes as end-2023 implied Fed rates hit the lowest since March 27 at 4.06%, or about 88bp of cuts from May's 4.94% peak (also the most 2023 cuts seen since Mar 27).

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