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Significant Cheapening As TYZ2 Clears Bear Trigger

US TSYS
  • Cash Tsys have seen a sizeable cheapening today as the front end reversed the rally from Friday’s payrolls report and with larger relative moves further along the curve, all driven by large increases in real yields weighing on risk sentiment.
  • The move came in earnest as the US came back from the Labor Day weekend but a beat for ISM services helped the move stick, with service activity holding up well at the highest index level since the April in a solid report that pushed back notably against growth fears.
  • 2YY +10.1bps at 3.488%, 5YY +13.3bps at 3.426%, 10YY +13.5bps at 3.324% and 30YY +13.3bps at 3.477% all from Friday’s close, driving a 3.5bp increase in 2s10s to -16bps or
  • TYZ2 has cleared the bear trigger of 115-23 (Sep 1 low) with a session low of 115-14+ (currently 115-19), opening next support at 114-26 (Jun 16 low).
  • The Fed’s Beige Book comes into focus tomorrow with continued attention on growth, plus a collection of Fedspeak.
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