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Holding Lower Post-BoJ

US TSYS

The early London BoJ-derived move lower holds/extends a little with TY futures trading -0-06+ at 111-09+, 0-01 off the base of its 0-08+ session range.

  • The contract remains comfortably within yesterday’s range. Initial resistance comes in at the 20-day-EMA/Jan 12 high (latter located at 112-26+), while initial support is seen at the Jan 19 low (110-26).
  • Cash Tsy yields are 0.5-2.0bp higher, with a modest steepening bear bias apparent.
  • 2s10s are ~12bp off YtD highs, while 5s30s are ~8-9bp off YtD steeps.
  • FOMC-dated OIS shows ~11bp of cuts through Mar ’24 and ~133.5bp of cuts through calendar ’24, with both markers comfortably off the recent dovish extremes.
  • Regional Fed economic activity surveys headline the NY data docket, with 2-Year supply set to kick start this week’s coupon Tsy issuance schedule.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
FOMC Calendar Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
FOMC Calendar Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

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