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Outperforming EGBs Ahead Of Powell, JOLTS

US TSYS
  • Treasuries outperform EGBs, with the latter seeing some pressure after higher-than-expected Eurozone June core inflation (even if moves were limited with the bear exaggerated by rounding) plus some Italian fiscal factors also likely weighing.
  • Today’s session is unusually concentrated around 0930/1000ET with Powell and then JOLTS with the only data offering of the day.
  • Cash yields sit between 0-1bp lower on the day, with the belly leading declines.
  • TYU4 trades at 109-10 (+04+) as it lifts a little further off yesterday’s low of 109-02+, with solid cumulative volumes for the time of day at 340k.
  • Yesterday’s low stopped just short of a key support at 109-00+ (Jun 10 low) with the contract remaining vulnerable. Hawkish developments today meanwhile could see some attention on resistance at 110-00 (20-day EMA).
  • Fedspeak: Chair Powell in panel discussion in Sintra (0930ET, just Q&A) - see the STIR bullet for more context.
  • Data: JOLTS May (1000ET)
  • Bill issuance: US Tsy $65B 41D bill CMB auction (1130ET)
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

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