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On The Front Foot

US TSYS SUMMARY

Treasuries have been on the front foot through most of the London session (after drifting in Asia-Pac), with stock futures steady around session lows after an early drop.

Sep 10-Yr futures (TY) up 5/32 at 140-3 (L: 139-30 / H: 140-03), on light volumes (<150k as of 0630ET).

Curve has bull flattened in the early going: 2-Yr yield is up 0.2bps at 0.1112%, 5-Yr is down 0.5bps at 0.2138%, 10-Yr is down 1.5bps at 0.5396%, and 30-Yr is down 1.8bps at 1.2142%.

Most attention seems to be on matters later in the week: Wednesday's Treasury refunding announcement (following Monday's announce of $947bn in borrowing expectations, steady end-Sep cash balance), and Friday's nonfarm payrolls. Some TikTok /US-China headlines overnight but nothing really market-moving.

The only item on the data slate Monday is Jun Factory Orders and final Durable Goods at 1000ET. No scheduled Fed speakers today.

At 1130ET, we get $60bn of 42-/119-Day bill sales. NY Fed buys $1.225bn of TIPS.

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