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Post-Flash PMI React

US TSY FUTURES
  • Tsy futures initially bounced off session lows following the latest flash PMI data, but are extending lows as inflation measures pick up: S&P Global US Mfg PMI higher athan expected at 52.5 vs. 51.8 est, while Services PMI (51.7 vs. 52.0 est) and Composite PMI (52.2 steady vs. est).
  • Jun'24 10Y futures trade down to 110-11.5 (-2.5), well above initial technical support of 109-24+ (Low Mar 18 and the bear trigger). Curves continue to flatten: 2s10s -2.326 at -35.489.

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