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Post-Philly Fed, Jobless Claims Data React

US TSY FUTURES
  • Treasury futures trade lower after Philadelphia Fed Business Outlook comes out higher than expected at 12.0 vs. -10.0 est, prices paid 20.8 vs. 9.5 prior. Weekly claims largely in-line with expectations: -11k to 239k vs. 240k est while continuing claims climbs to 1.716M vs. 1.700M est.
  • Decent volumes (TYU3>600k) amid flurry of two-way trade, futures inside overnight range at the moment, Sep'23 10Y -6 at 109-12, yield 4.2919%. Initial technical support 109-05+ (Intraday low), followed by 109-00 Round number support.
  • Curves hold steeper with short end outperforming, 3m10Y +3.651 -116.938, 2Y10Y +4.559 at -67.349.

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