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Post-Claims, Fed Barkin React

US TSYS
  • Tsy futures extend lows after dip in Initial Jobless Claims (218k vs. 220k est, prior up-revised to 227k from 224k), Continuing Claims (1.871M vs. 1.876M est, prior down-revised to 1.894M from 1.898M).
  • Nearing initial technical support, Mar'24 10Y futures trade -11 to 110-27, focus on 110-22+ (Low Feb 5 and the bear trigger), next level: 110-16 (Low Dec 13). Curves remain steeper: 2s10s +0.843 at -30.131, 10Y yield 4.1443% (+.0232).
  • Underscoring the move, Richmond Fed Barkin on Bbg TV - "don't have to be in a hurry to cut rates".

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