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Marking Session Highs

US TSY FUTURES
  • Treasury futures have rebounded odd midmorning lows, trading mildly higher at the moment. Front month 10Y futures +2.5 at 113-12.5. Curves off early steeper levels with the short end lagging rebound, 2s10s -.710 at -97.748.
  • Second half support arrived after 20Y Bond auction re-open stopped through, strong auction drawing 4.01% high yield vs. 4.03% WI; 2.87x bid-to-cover vs. prior month's 2.56x.
  • Meanwhile, unscheduled Fed speakers making the rounds, Atlanta Fed Bostic (non-voter) supports holding the fed funds rate at the current 5%-5.25% target range and letting past rate increases work their way through the economy, adding the bar to justify further rate hikes is higher than it was a few months ago.
  • Not too much of a reaction to Fed Chairman Powell semi-annual testimony to Congress earlier, reiterating talking points from last week's hawkish hold.
  • Chairman Powell reappears at Senate Banking Committee at 1000ET.
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