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Post-GDP Cheapening Theme Continues With Further Data Ahead

US TSYS
  • Cash Tsys have on balance maintained yesterday’s cheapening theme, with the front end outperforming core EU FI but longer end broadly in line. Little new macro drivers overnight with Japanese CPI as expected, with attention likely on important upcoming data releases after yesterday’s surprise GDP revision in the 3rd Q3 release.
  • 2YY +1.3bps at 4.285%, 5YY +2.6bps at 3.829%, 10YY +2.8bps at 3.706% and 30YY +3.2bps at 3.771%.
  • TYH3 trades 9+ ticks lower at 113-08 off a session low of 113-05+ having recently cleared support at 113-09+ (Dec 21 low) to next open the key short-term support at 112-11+ (Nov 21 low). Volumes have picked up recently but remain unsurprisingly depressed at just 120k.
  • Data: Multiple potential market moving releases today with core PCE & income/spending and preliminary durable goods (0830ET) before final U.Mich consumer survey and new home sales (1000ET).
  • No issuance and no Fedspeak scheduled. SIFMA recommends 1400ET early close.
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