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Holding Richer With FOMC, ISM Services and ADP All Ahead

US TSYS
  • Cash Tsys are off session highs but maintain a new rally on the day with WTI also sliding further to sub-$70. The front end has still reversed a majority of yesterday’s modest paring of gains seen initially on softer JOLTS and US regional banks sliding, whilst the long end has pushed notably higher.
  • Attention will be firmly on the upcoming FOMC decision but after yesterday’s sensitivity to JOLTS downside, ADP and ISM services in particular will be watched closely before then.
  • In yield space, 2YY -0.8bp at 3.953%, 5YY -2.1bp at 3.428%, 10YY -2.1bp at 3.403% and 30YY -2.0bp at 3.692%.
  • TYM3 trades 7+ ticks higher at 115-25+ off a high of 115-30+ which matched resistance at the Apr 26 high. A further move higher could open 116-08 (Apr 12 high).
  • FOMC decision (1400ET), Chair Powell presser (1430ET) - see preview here
  • Data: ADP Apr (0815ET), S&P Global PMI Apr F (0945ET), ISM Services Apr (1000ET) plus weekly MBA data Apr 28 (0700ET)
  • Bill issuance: US Tsy $36B 17W bill auction (1130ET)

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