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Narrow Ranges On Tuesday, Docket Light This Week


TYH4 deals at 112-19+, -0-03+, in line with late NY levels.

  • Cash tsys finished 3bps cheaper to 1bp richer across the major benchmarks, the curve has twist flattened pivoting on 20s.
  • Tsys observed narrow ranges for the most part on Tuesday amid thin holiday trade, there was little follow through on moves and little meaningful macro news flow crossed.
  • FOMC dated OIS now price a ~90bps of cuts by November 2024.
  • The data docket is light this week, today the Richmond Fed Mfg Index and Dallas Fed Service Index cross. Further out we have Initial Jobless Claims and MNI Chicago PMI.

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