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Yields are within 1.0bp of settlement levels across the U.S. Tsy curve. T-Notes are holding a tight 0-04 range, last -0-04+ at 139-20+, struggling to catch a bid, even as e-minis continue to trade defensively after yesterday's sharp pullback for the equity space. Perhaps participants are willing to sit on the sidelines ahead of NFPs and the Labour Day weekend. Bubbling Sino-U.S. tensions including fresh rounds of caution from White House Chief of Staff Meadows re: the potential to ban more Chinese apps and news that China is to adopt anti-subsidy deposits surrounding U.S. n-propanol trade didn't move the needle.
- This comes after the curve bull flattened on Thursday, although the curve, and Tsys in general, finished off of their respective extremes. The weakness evident in the equity space (outlined elsewhere), Fed buying ops and a block buy in TYZ0 all provided support after the latest round of weekly jobless claims data wasn't as bad as feared (albeit still sitting at very elevated in historical terms, while the release was subject to new statistical methodology for the first time, with some worrying details still evident in the breakdown).
- Elsewhere, it is worth reflagging the Global Times piece run in late NY hours which noted that "China may gradually reduce its holdings of US Treasury bonds to about $800 billion from the current level of more than $1 trillion, as the ballooning US federal deficit increases default risks and the Trump administration continues its blistering attack on China, experts said."
- Eurodollar futures sit unchanged to -1.0 through the reds.
- NFPs headline on Friday.