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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMarkets Roundup, Tsys Off Recent Lows
Treasury futures holding just above recent session lows, curves still flatter with the short end underperforming.
Currently, Sep 2Y futures tapped 102-18.38 low (-4.38) after a large 10.5k Block sale recently, with yield climbing to 4.5413% high. Sep 10Y futures tapped 113-18.5 (-10) low, above initial technical support of 113-10 (Monday low). Below that, attention is on key support and the bear trigger at 112-29+, the May 26 / 30 low. A break would resume the downtrend since May 4.
Curves extending inversion but remain above early March low around -110 (multi-decade low not seen since early 1980s).
No particular data-point or headline driver cited, morning moves partially tied to swings in EGBs, while incoming corporate debt issuance is creating some rate lock sale pressure, surge in supply is expected to continue as issuers return following the passage of debt ceiling bill late last week.
Meanwhile, stocks have bounced to mildly higher levels, SPX (+2.5 at 4283.5) buoyed by a rally in bank shares (leading gainers: Key +4.95%; Zion +4.5%; MTB +4.35%).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.