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Market Roundup: FI Marching Higher w/ Stocks, Gold

US TSYS

Tsy futures firmer, near recent session highs, 30YY slips to 4.2683% low, yield curves reversed bear steepening ahead the open.

  • No obvious headline trigger for move, volumes rather modest (TYZ2<575k) while some trading desks noted stops triggered on the way up. Dec 10Y futures at 110-04 still well off first resistance of 110-25 20D DMA.
  • Cross asset: Gold has jumped last few minutes (up over 27.0 to over 1703.0) while equities gaining upside support as well, ESZ2 +20.0, Materials sector (+2.05%) outperforming -- lead by metals and mining shares.
  • STIR update: Terminal Funds rate has slipped to 5.09% for June vs. 5.13% earlier. Dec 2022: cumulative hikes steady at 56.5 to 4.41%.

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