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Modestly Cheaper Ahead Of A Bare Docket

US TSYS
  • Cash Tsys sit relatively little changed from Wednesday’s close, having opened richer post-Thanksgiving before cheapening through European hours as they ECB and Fed hike pricing alike edged higher. The PBOC cutting the RRR rate by 25bp was anticipated.
  • 2YY unchanged at 4.477%, 5YY +2.3bps at 3.906%, 10YY +1.8bps at 3.711%, and 30YY +1.5bps at 3.743%.
  • TYZ2 trades 3 ticks lower from Wednesday’s close at 112-27+, pulling back after yesterday clearing 113-11 (Nov 16 high). It continues to trade above the 50-day EMA of 112-14+ (initial support) whilst resistance is seen at yesterday’s high of 113-15. Decent volumes overnight, with over half of the front month spread-related.
  • No Fedspeak, data or supply today.
  • Bloomberg and MS month end extensions see solid increases of 0.13yrs/0.11yrs respectively.
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