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No Let Up In Post-Payrolls/ISM Cheapening

US TSYS
  • Cash Tsys are firmly cheaper on the day as post-payrolls/ISM services momentum continues. At the front end, roughly half of the day’s move came on the open with the remainder in European hours.
  • 2YY +10bps at 4.389%, 5YY +11.0bps at 3.769%, 10YY +8.4bp at 3.608% and 30YY +5.4bp at 3.668%
  • TYH3 trades 20+ ticks lower at 113-25 on very strong volumes for the time of day. It has just pulled back off session lows at 113-22+ that saw it clear both a key short-term support at 114-05+ (Jan 30 low) and the 50-day EMA, opening 113-17+ (61.8% retrace of Dec 30 – Jan 19 bull leg).
  • No Fedspeak scheduled with an eye on Powell’s appearance tomorrow, but potential for pop-up appearances with Daly’s (’24 voter) Friday appearance the only member since Wednesday’s FOMC announcement.
  • Bill issuance: US Tsy $60B 13W, $48B 26W bill auctions (1130ET)
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