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No Let Up In Post ISM Services, Payrolls Rally

US TSYS
  • Cash Tsys continue to extend gains with 2YY -18bps after the double hit from weaker AHE growth and very large ISM service miss. 10YY -12.5bps drives solid bull steepening but 2s10s of -68bps only back to mid-yesterday’s range.
  • TYH3 still marching higher, stretching new session highs of 114-02+ (+1-01+), through resistance at 113-15+ (Dec 23 high) with highs since Dec 20.

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