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Post-ADP React: Gaining Support

US TSY FUTURES
  • Fast two-way post data, Tsy futures remain bid and gaining after lower than expected ADP Employment Change: 107k vs. 135k est (prior down-revised to 158k from 164k).
  • Still off early London highs, Mar'24 10Y trading +9 at 111-29, 10Y yield currently 4.0203% (-.0115). Curves steeper: 2s10s +1.303 at -29.164.
  • Initial technical resistance above at 112-02/112-26+ (Intraday high / High Jan 12)
  • Next up: Tsy Quarterly Refunding Annc and Employment Cost Index at 0830ET.

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