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Post-Claims, ULC React: Early Mar'24 Highs, 10Y Yld Nears 4%

US TSY FUTURES
  • Treasury futures gap higher/extend past yesterday's highs after weekly jobless and continuing claims come out higher than expected (prior continuing claims down-revised, however). Meanwhile Nonfarm productivity higher than expected, Unit Labor costs lower than expected.
  • Climbing to Mar'24 levels, Sep'24 10Y futures trade 112-14 (+20), 10Y yield falls to 4.0142% low (early Feb'24 low). Technical resistance at 112-20+ (1.618 proj of the Apr 25 - May 16 - 29 price swing).
  • Curves running bounce steeper with 2s10s +.513 at -22.479, 5s30s +.677 at 39.560.

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