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Post-Weekly Claims React

US TSY FUTURES
  • Treasury futures gap higher after higher than expected weekly claims: 231k vs. 212k est, prior revised to 209k from 208k.
  • Meanwhile, continuing claims 1.785M vs. 1.782M, prior down-revised to 1.768M from 1.774M.
  • Jun'24 10Y futures gapped off lower opening levels to 108-29 (+2.5), 10Y yield falls to 4.4826%. Initial technical resistance above at 109-06+/08+ (Channel top from Feb 1 high / 50-day EMA).
  • Curves move steeper as short end leads bounce, 2,10s +1.401 at -33.088, projected rate cut pricing firms slightly on the move: Dec'24 cumulative currently -44.4bp vs. -43.8bp earlier, well off last week's post-jobs high of just over 50bp

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