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The TY contract market dipped to....>

US TSYS SUMMARY
US TSYS SUMMARY: The TY contract market dipped to 121-10+ in the minutes after
the release of the FOMC minutes but there was no follow through that within an
hour, all FOMC-related losses had been clawed back. Selling resumed in the early
Asian time zone from fast money and European trading immediately took the
contract back down to 121-11 before some buying materialised.
- Since the first minutes of trading, the Treasury market has mostly traded
sideways but this still leaves the 2Y +1.6bp at 2.156% and the 10Y +3.2bp at
2.737%.
- Equity markets are solid and the S&P mini future is pointing to a 0.2% rise at
the US open. The DXY trade weighted dollar is weaker at 89.00, which is against
close to its lowest since 2014. 
- There is an interesting development in the swap spread space, with the 3Y
leading with a 1bp widening but the 30Y spread 0.5bp tighter. Sources talk of a
delayed reaction to yesterday's refunding announcement that will see supply
increased across all coupon lines.
- Post-FOMC commentary generally talks of the Fed meeting expectations.

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