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Post-ULC, Productivity Data React

US TSY FUTURES
  • Tsy futures continue to inch higher after lower than expected Unit Labor Costs (-1.2% vs. -0.9% est), Nonfarm Productivity gain (5.2% vs. 4.9% est), Trade Balance more or less in line (-$64.3B vs. -$64.2B est).
  • Mar'24 10Y futures currently trading 110-31 last, +1.5 tapping initial resistance (Dec 5 high) focus on 111-00 Round number resistance.
  • Curves turning flatter (3M10Y -3.965 at -125.091; 2Y10Y -1.382 at -42.776).

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