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Near Lows Into Chair Powell Testimony

US TSY FUTURES
  • Treasury futures extended lows in the lead-up to Fed Chairman Powell's testimony to Congress, front month 10Y futures tap 112-27.5 low, 112-30 last.
  • The Sep'23 contract remains in a downtrend and last week’s move lower confirmed a continuation of the current bear cycle. Support at 112-29+, the May 26 / 30 low has been cleared. This signals scope for 112-00, the Mar 10 low.
  • Curves remain mildly steeper, 2s10s +.630 at -96.408.

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