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Treasuries are fairly steady........>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries are fairly steady early Wednesday, having come off
intraday highs, though sharp moves in the curve are well worth noting.
- Sep 10-Yr futures (TY) down 0.5/32 at 126-30, earlier hitting 127-07.
- Curve bull steepening: 2-Yr yield is down 2.9bps at 1.8549%, 5-Yr down 2.5bps
at 1.8713%, 10-Yr down 0.4bps at 2.1261%, and 30-Yr up 1.8bps at 2.6296%.
- Short end rally continues while long end under a bit of pressure.
- Notably, 2Y30Y spread at highest since Apr 2018, up 4.7bps at 77.1bps.
- 2Y10Y spread at highest since Nov 2018, +2.5bps at 26.7bps (H: 26.918bps).
- But amid all this, the near-term spreads continue to flash recessionary
signals: the 3M bill/3M bill 18M forward spread (cited by the Fed last year)
near cycle lows at -0.741%, consistent with 2000 and 2008 recessionary levels.
- Mar20 thru Dec20 Eurodollars up 1.5-2.0 ticks, otherwise little of note in
EDs. Nearer dated flow included +115k EDN9(jul) 98.00/12cs ppr pays 2.75-3.
- Fed`s Clarida, Bowman and Bostic to appear at the Chicago Fed conference Day 2
today, as well as a fair it of US data (ADP employment, May ISM non-manuf).

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