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Quietly Back To Pre-Open Range


Futures have quietly drifted back to pre-NY open levels, weaker across the board to around middle of overnight range. Heavy overall volumes closer to average when taking surge in March/June rolls into account.

  • Active participants have migrated to sidelines ahead Fed Chair Powell's semi-annual mon-pol testimony to Senate Banking Comm at 1000ET Wed. Note, officials have pre-released the testimony around 0830ET for early perusal in the past have not as yet advised intention to do so. Incidentally, unless the Senate chooses to disclose the release time and the advisory comes from the Fed then the details are technically off the record and for planning only.
  • Meanwhile, strong buying earlier (fading last wk's sell-off as too far/too fast, and again after ECB LaGarde comment ECB is "CLOSELY MONITORING LONGER-TERM NOMINAL BOND YIELDS" Bbg) has run out of steam. Two-way flow on net with modest selling of intermediates to long end.
    Yield curves making new highs: 5s30s at 158.097 breaches 2015 triple top: 157.445.
  • Yield curves making new highs: 5s30s at 158.097 breaches 2015 triple top: 157.445.

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