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/STIR: Limited Reaction To Soft NFP Report, Long Positioning A Likely Factor

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A little more on the above muted market reaction in STIRs.

  • The pre-holiday build up of longs in the wake of the soft data seen earlier in the week is probably at play here.
  • We suggested that a firmer-than-expected NFP report provided a greater risk to market positioning ahead of the release.
  • The same is true in the long end, with early April lows in 2-Year yields holding.
  • Meanwhile, liquidity will be hampered as many take the opportunity for a long weekend break after July 4.
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A little more on the above muted market reaction in STIRs.

  • The pre-holiday build up of longs in the wake of the soft data seen earlier in the week is probably at play here.
  • We suggested that a firmer-than-expected NFP report provided a greater risk to market positioning ahead of the release.
  • The same is true in the long end, with early April lows in 2-Year yields holding.
  • Meanwhile, liquidity will be hampered as many take the opportunity for a long weekend break after July 4.