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Post-ISM React

US TSY FUTURES
  • Still weaker, Treasury futures pare losses after ISM Mfg and Prices Paid come out lower than expected (48.5 vs. 49.1est and 52.1 vs. 55.8 est respectively), but quickly reverse the move, TYU4 -18.5 at 109-13 vs. 109-08.5 low.
  • Curves extend steeper: 2s10s +3.324 at 32.622 (May 9 levels).

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