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Market Roundup: Bonds Reverse Course

US TSYS

Tsy futures, USD, equities - all trimming gains after the London session close. Tsy yield curves march steeper (2s10s +2.694 at -41.014) as bonds reverse gains/extend session lows last few minutes (30YY +.0625 at 4.0829%), US$ index midrange (DXY +.090 at 112.129) while stocks scale back earlier support (ESZ2 +17.0 at 3726.5).

  • Bonds extended highs overnight after FT article reported the BoE would pause Gilt sales past current Oct 31 resumption date -- but bounce was short-lived as rates steadily pared gains after the BOE issued statement the FT article was "inaccurate".
  • Limited reaction to earlier data: INDUSTRIAL PROD +0.4%; CAP UTIL 80.3%; NAHB HOUSING MARKET INDEX 38 well below 43 est. Later this afternoon: Net Long-term TIC Flows ($21.4B, --) Total Net ($153.5B, --) at 1600ET.
  • Fed Speakers: Atlanta Fed Bostic, mediated virtual discussion, no text at 1400ET; MN Fed Kashkari on economy, moderated Q&A at 1730ET.
  • Reminder: Fed goes into media Blackout at midnight Friday, through Nov 3, day after the next FOMC policy annc.
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