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Free AccessSlightly Richer With Further Debt Talks, Fedspeak Eyed
- Cash Tsys hold slightly richer after no clear progress in debt talks and the front end outperforming a touch after dovish Kashkari comments re looking towards skipping the June hike. Debt talk impasse continuation follows optimism building late last week before being dashed on Friday, and sees tense talks set for this week as cash balances start to look precarious. Biden and McCarthy are due to meet today, time unknown.
- 2YY -2.1bp at 4.245%, 5YY -2.1bp at 3.711%, 10YY -1.1bp at 3.661%, 30YY -0.8bp at 3.919%
- TYM3 trades 6+ ticks higher at 113-24+ but remains well within Friday’s range, with volumes at a low but recent average 235k. Resistance is seen at 114-05 (May 19 high) after which lies 114-27 (50-day EMA), whilst support sits at 113-08+ (Mar 15 low).
- Fedspeak headlines an otherwise bare docket, with non-current year voters Bullard (0830ET), Bostic & Barkin (1105ET) and Daly (1105ET).
- Bill issuance: US Tsy $57B 13W, $54B 26W Bill auctions (1130ET)
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.