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Post ISM React

US TSYS
  • Still bid, Treasury futures pare gains after stronger than expected ISM data:
    • ISM Mfg: 49.1 vs 47.2 est (prior revised to 47.1 from 47.4)
    • ISM Prices Paid: 52.9 vs. 46.9 est
    • ISM New Orders: 52.5 vs. 48.2 est (prior revised to 47.0 from 47.1)
    • ISM Employment 47.1 vs. 47.0 est (prior revised to 47.5 from 48.1)
  • Meanwhile Construction Spending MoM higher than expected 0.9% vs. 0.5% est, (prior revised to 0.9% from 0.4%)
  • Mar'24 traded down to 112.17.5 is already back to 112-20.5 (+10). Curves have flattened: 2s10s -3.740 at -33.584. 10Y yield off 3.8690% low to 3.8896% (-.0227).

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