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Market Roundup: Poking the Dragon?

US TSYS
Treasury futures continue to extend lows, curves bear flattening with outsized selling in short end, 2YY nearing 3.0% again vs. earlier 2.8154% low, 2s10s hits inverted low of -35.531.
  • Gist of moves: market's laser focus on House Speaker Pelosi's Asia tour - risk-off unwind started well prior to her recent safe landing in Taiwan (take it as more bark than bite from China over first visit from House speaker since late 1997). China defense officials: will carry out military operations around Taiwan for next few days.
  • Secondly, SF Fed Pres Daly stating the Fed's "work is far from done, so we are still resolute and completely united on achieving price stability" -- helped take the wind out of the sails of market pricing less hawkish expectations from the Fed since last week's FOMC.
  • Earlier Data: Job openings fall by more than expected in June to 10.698M (cons 11.0M) after a marginally upward revised 11.3M in May. Pushes the ratio of job openings to unemployed down to 1.81, the lowest since Feb off the March high of 1.99.
  • Pick-up in data for Wednesday: S&P Global US Services/Composite PMIs (47.0, 47.5 respective ests), Durable Goods Orders (1.9% est), Factory Orders (1.2%), ISM Services (53.5 est)
  • Current cross assets: spot Gold +6.95 at 1779.13, Crude steady: WTI at 93.89, stocks marginally lower/off recent session highs ESU2 -8.5 at 4112.0
  • Currently, 2-Yr yield is up 11bps at 2.9796%, 5-Yr is up 10.2bps at 2.7365%, 10-Yr is up 7.9bps at 2.6522%, and 30-Yr is up 2.8bps at 2.9421%
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