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Powell Presser React: Tsys Scaling Back Support

US TSYS
  • Still well bid, Treasury futures continue to scale back support after Chairman Powell stated the "economic outlook is uncertain" while the Fed remains "highly attentive to inflation risks. Today's lower CPI shows progress, helping building confidence - it's still not enough to warrant looser policy at this time.
  • Sep'24 10Y Treasury futures are currently trading +21.5 at 110-07. Key short-term resistance remains at 110-21 (High Jun 7). Key short-term technical support well below at 109-00.5 (Low Jun 10).
  • Cash yields remain lower: 5s -.1145 at 4.3038, 10s -.1074 at 4.2966%, 30s -.0846 at 4.4519%, while curves remain mixed: 2s10s -1.456 at -44.668, 5s30s +3.515 at 15.162.

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