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Market Roundup: Rates Back on Down Swing

US TSYS

Rates swing back to weaker levels, near mid-range for the week now, curves rebound from prior session flattening (2s10s +1.050 at 25.147; 5s10s +.534 at -.823. Current 10YY back over 3% at 3.0104 +.0368; 30YY at 3.1672 +.0436.

  • Another light data day, focus on Friday's May CPI (0.7% est vs. 0.3% prior), while markets ready to absorb $33B 10Y note auction re-open at the top of the hour.
  • Technicals for TYU2 at 118-05.5 (-8): Near-term outlook remains bearish following recent weakness. Futures continue to trade below the 50-day EMA - at 120-02+. The EMA represents a key resistance and a clear break is required to allow for a stronger recovery towards 122-00.
  • Recent move away from the average however suggests the correction since May 9, is over. An extension lower would open key support and a bear trigger at 116-21, May 9 low.
  • No react to Tsy Sec Yellen testimony again: "I SEE NO WAY IN WHICH INFLATION IS A DECADE-LONG MATTER" Bbg.
  • SEC head Gary Gensler targeting payment for order flow as he speaks remotely for Piper Sandler conference: "Outlines Other Possible Changes to Stock-Market Rules" WSJ.
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