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Post New Home Sales React

US TSYS
  • Little react to lower than expected New Home Sales at 662k vs. 675k est (prior up-revised to 664k from 661k), MoM -0.3% vs. 2.1% est (prior up-revised to 1.7% from 1.5%).
  • Futures remain mildly weaker, near low end of narrow session range: TYM4 -5 at 110-19 vs. 110-17 low, w/ technical support well below at 109-24+ (Low Mar 18 and the bear trigger). Curves steeper: 2s10s +.744 at -38.575.
  • Next up at 1030ET: Dallas Fed Manf. Activity while Fed Gov Cook appears at Harvard to discuss the Fed's dual mandate (text, Q&A).
  • Treasury supply: US Tsy $73B 13W, $70B 26W Bill auctions at 1130ET, $66B 2Y Note auction (91282CKH3) at 1300ET.

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