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The latest downtick for the U.S. Tsy space comes ahead of European hours after market participants seemingly chose to focus on the prospect of a U.S. fiscal deal, as opposed to when it may occur, given the apparent pushback from Senate majority leader McConnell re: a pre-election pact on Tuesday. Messrs Mnuchin & Peolsi will speak again today.
- This dynamic, coupled with some concession ahead of today's 20-Year Tsy supply, facilitated curve steepening in Asia-Pac hours, with 10- & 30-Year yields pushing through their respective recent range highs. A clean, sustained break here would allow participants to focus on the June highs in both metrics. Yields sit 0.8-5.2bp higher across the curve at typing.
- T-Notes are running on well above average volume (~182K at typing) last -0-08 at 138-14+.
- Eurodollar futures are unchanged to 0.5 tick lower through the reds.
- Focus on Wednesday moves to another slew of Fedspeak, in addition to the aforementioned round of 20-Year Tsy supply.