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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Overnight support for US rates carried through Thursday's session, 30Y Bonds lead the charge all day, finishing just off highs, yield curves flatter. Intermediates lagged slightly, 10Y futures tested first resistance of 133-26.5 several times before settling back around -25 to -25.5.

  • Support for Tsys picked up early in the second half (30YY slips to 1.9160% low) as Chicago Fed Pres Evans headlines make the rounds:
  • "The upside potential for inflation isn't quite as strong and sustainable as I would like," adding "SLIGHTLY MORE PERSISTENT INFLATION WOULDN'T BE BAD" while "I don't think you can get 2.5% to 3% year after year on the basis of these relative price increases".
  • Tsy Sec Yellen also spoke on NPR later in day but didn't saying anything new, or particularly market moving: expecting inflation to fade over the mid-term.
  • Fed Chair Powell's semiannual mon-pol report to the Senate failed to illicit much of a market reaction either.
  • Bonds maintain strong bid after flurry of data, weekly claims little higher than exp at 360k vs. 350k est while continuing claims inch lower again: -126k to 3.241M vs. 3.3M est.
  • The 2-Yr yield is up 0bps at 0.2231%, 5-Yr is down 2.1bps at 0.7736%, 10-Yr is down 4.9bps at 1.2972%, and 30-Yr is down 5.1bps at 1.9199%.
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |

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