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Modest Bear Flattening After Yesterday's Rout

US TSYS
  • Cash Tsys have seen a modest bear flattening after yesterday’s rout, with 2Y, 5Y and 10Y yields all seeing new post-pandemic highs.
  • 2Y yields +1.3bps at 1.053%, 5Y +0.9bps at 1.666%, 10Y +0.6bps at 1.879% and 30Y +0.7bps at 2.195%.
  • TYH2 trades in a narrow range this morning at 127-08+ on another day of solid volumes (485k) after yesterday cleared 2M. It earlier cleared 127-07 (the 2.236 proj of the Dec 20-29-31 price swing) before retracing, with next support seen at 127-00.
  • Data: Housing starts/building permits for Dec (0830ET).
  • NY Fed buy-op: Tsy 4.5Y-7Y, appr $6.025B vs. $4.525B prior (1030ET).
  • Issuance: $40B 119D-Bill auction (1120ET) before $20B 20Y Bond auction reopen (1300ET).

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