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Bullish Above Trendline Resistance


Approaching The Bull Trigger


10YY Crests 3.57% Post-PPI


Late SOFR/Eurodollar/Treasury Option Roundup

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US TSY FLOWS: Rates weaker but off lows after the bell. Aside from earlier China
"Pork & Beans" trade related headlines no mkt moving headlines reported as Tsys
inched off pre-auction lows as equities trimmed gains. Sources noted decent
sized sell program (1,149) went through, equity move lead Tsys bounce.
- Chatter but NO confirm of foreign real$ and global macro fund selling in the
first half. Better algo-driven selling on headlines and tweets noted by several
desks, in addition to prop, fast- and real$ selling in intermediates, swap-tied
selling in 10s and 30s along with pre-auction short sets ahead the 30Y R/O.
Several decent Dec 10Y sell blocks helped extend session lows. Others reported
steepener unwinds/taking profits from some accts while others unwind 3M10Y
flatteners as spd has steepened some 18.0bps from Monday's low around -21.5.
Option flow mixed, two-way with better buyers of wings (OTM puts/calls).
- Small tail and new low yld, US Tsy $16B 30Y bond auction (912810SJ8) awarded
2.170% (2.270% last month) vs. 2.167% WI; w/ 2.25 bid/cover (2.22 prior). The
2-Yr yield is up 6.7bps at 1.5322%, 5-Yr is up 7.5bps at 1.4787%, 10-Yr is up
7.6bps at 1.6595%, and 30-Yr is up 6.9bps at 2.1531%.

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