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Moving Higher, Mirroring Equities

US TSYS SUMMARY
  • Treasuries have edged higher in European trading following a soft Asia-Pac session - all the while mirroring equity futures (S&P eminis -0.6%) which look set to give up Thursday's gains. Generally cautious tone so far, with the USD posting modest gains (+0.1%).
  • Bull flattening in the cash curve, and futures trading on avg volume (~200k TYZ0s). The 2-Yr yield is down 0.2bps at 0.1309%, 5-Yr is down 0.6bps at 0.2689%, 10-Yr is down 0.8bps at 0.6577%, and 30-Yr is down 1.5bps at 1.3929%.
  • Dec 10-Yr futures (TY) up 1.5/32 at 139-20 (L: 139-15 / H: 139-21).
  • Prelim Aug Durable Goods at 0830ET is the data highlight. In Fed speakers, a lighter schedule vs previous days: 0900ET sees NY Fed Pres Williams, 1215ET is KC's George, and 1500ET sees Williams again.
  • With little on the docket, attention likely to continue to be paid to Capitol Hill, following Thursday's generally negotiation-positive headlines.
  • Tsy supply is done for the week; the final NY Fed operational purchase is for ~$8.825B of 2.25Y-4.5Y Tsys.
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