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A quiet re-open for T-Notes, which operate just above their late NY lows, -0-01+ at 134-02.
- A reminder that the 7+-Year zone of the cash Tsy curve led the cheapening on Wednesday, with yields in that zone of the curve rising by ~6.5bp on the day, resulting in bear steepening of the curve. The space has now unwound virtually all of the richening seen on Monday, with higher European equities/e-minis and a soft lead from EGBs providing the momentum into NY hours (in addition to 16,186 lots of TYU1 sold across 3 block trades during European and early NY trade).
- 20-Year Tsy supply saw a 1.2bp tail, with dealer takedown recovering from last month's record lows, but holding below the recent average. Meanwhile, the cover ratio softened marginally, moving back to its own recent average.
- Late NY headline flow saw the GOP vote down the bipartisan "hard" infrastructure package, although this is expected to be revisited in the coming days. Elsewhere, there was confirmation that U.S. Deputy Sec. of State Sherman will visit China on July 25-26, bringing an end to the speculation/comments surrounding the matter in recent weeks.
- There is a lack of tier 1 risk events slated for the Asia-Pac session, although the latest ECB decision and press conference will provide some interest early in the NY session (given Lagarde's recent comments on forward guidance). Domestic focus will fall on the weekly jobless claims data, some of the regional Fed activity indices & 10-Year TIPS supply.