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Slightly Cheaper Ahead Of Key Payrolls Report

US TSYS
  • Cash Tsys trade slightly cheaper with yields 1-2bps higher across major benchmarks ahead of today’s payrolls release, consolidating the move off yesterday’s ULC/ISM prices paid-driven richest levels.
  • They saw little impact from the US Senate passing the US debt-ceiling bill, by 63-36 votes. President Biden will sign the legislation later today before delivering an address to the nation at 1900ET.
  • 2YY +0.8bp at 4.349%, 5YY +1.2bp at 3.710%, 10YY +1.9bp at 3.614%, 30YY +1.8bp at 3.833%.
  • TYU3 trades just 3 ticks lower at 114-20+ in a tight range of 114-19+ to 114-24 on unsurprisingly low volumes of 180k. The short-term bull cycle is still in play, with resistance at 115-00 (Jun 1 high) and then 115-06 (50-day EMA) whilst to the downside sits 114-00 (May 31 low).
  • Data: Payrolls May (0830ET) – preview here
  • Bill issuance: US Tsy $15B 1-Day CMB auction (1130ET)
  • Fedspeak: None scheduled but potential for pop-ups. Media blackout begins midnight ahead of the Jun 13-14 FOMC.
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