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Little Changed

US TSYS

TYM4 trades sideways through early London hours, after pulling back from late Wednesday highs.

  • Contract last -0-00+ at 109-25 (109-22 to 29+ range), well-defined technical levels remain in place.
  • Volume runs at an average ~225K.
  • Cash Tsy yields are unchanged to 1bp higher across the curve.
  • Wednesday’s comments from Fed Chair Powell weren’t a needle mover, but provided a very modest dovish reaction, extending the rally from session lows that came on the back of the ISM services survey.
  • FOMC-dated OIS sits a little off yesterday’s late dovish extremes, last showing ~70bp of cuts through ’24 and ~16bp of cuts through June, as recent ranges in those contracts remain intact.
  • Weekly jobless claims data and another raft of Fedspeak will cross in NY hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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