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/STIR: Little Net Reaction To Weekly Claims, ULC Offsets

US TSYS

Little net reaction to the lower-than-expected weekly jobless claims data as the mark lower in the final Q2 unit labor cost reading provides some counter.

  • TY back to highs after a shallow pullback, with the previously covered resistance level (114-31+) still untouched.
  • Yields now 2-3bp lower across the curve on the day. 2s10s back below 0bp after registering an incremental ’24 high.
  • Fed Funds futures price ~35bp of cuts for this month and ~111bp of easing through year end, little changed vs. levels seen heading into the data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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