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Overnight Bear Flattening Fully Unwound Ahead Of ADP

US TSYS
  • Cash Tsys have continued an unwinding of prior bear flattening, with 2YY now -0.2bps vs circa +5bp as the US started to come in.
  • 2s10s now push higher on the day at -47.5bps from -52bp earlier, but still within yesterday’s post-JOLTS high of -44.8bps.
  • ADP employment lands in 30mins.



US 2s10sSource: Bloomberg

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