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Post-ISM React

US TSYS

Tsy futures pare gains after ISM services index rises higher than expected, employment services highest since late 2023. Still modestly bid, Sep'24 10YU futures trade +1 at 114-05.5, 10Y yield rebounds to 3.7734%. Curves well off highs, 2s10s at -8.784 after climbing off inversion earlier to +1.475, steepest in since July 2022.

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