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Plenty to chew on today for.........>

US TSYS SUMMARY
US TSYS SUMMARY: Plenty to chew on today for market participants, with 0830ET
bringing Tsy's quarterly refunding announcement and the first read of Q3 GDP
(not to mention ADP out at 0815ET). All that ahead of the Fed's expected 25bps
rate cut at 1400ET (full MNI Preview available upon request).
- As we head into today's data, Dec 10-Yr futures (TY) up 1.5/32 at 129-10 (L:
129-06.5 / H: 129-11.5); curve a little flatter: The 2-Yr yield is down 0.2bps
at 1.6395%, 5-Yr is down 0.8bps at 1.6536%, 10-Yr is down 1.4bps at 1.8244%, and
30-Yr is down 1.8bps at 2.3163%.
- For Sep ADP, Sep ADP private payrolls, prior was 135k, 110k expected this
time. For Q3 GDP (adv), prior 2.0%, exp. 1.6%.
- Re refunding, sell-side expects little to no change in announced coupon
auction sizes. More interesting perhaps will be discussion of potential new
issues in coming quarters, including 20-Yr Tsys and SOFR FRNs.
- We've just sent a sell-side summary on refunding to FI Analysis subscribers.
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