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Short-End Rebounds

  • Volumes improve only slightly (TYH3>62k) after short to intermediate rates rebound after extending the low end of narrow overnight range in the last few minutes. Curves still flatter: 2Y10Y -2.904 at -45.928.
  • Pre-auction short sets likely in play ahead of today's US Treasury supply with $75B 13W and $68B 26W Bill auctions at 1130ET; $57B 2Y Note and $44B 52W Bill auctions at 1300ET.
  • Otherwise, limited data ahead with Chicago Fed Nat Activity and Philadelphia Fed Non-Mfg Activity indexes scheduled at 0830ET followed by Dallas Fed Mfg Activity at 1030ET. FHFA House Price Index data at 0900ET.
  • No scheduled Fed speakers; Congress closed for the holidays.

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