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Treasuries Bear Flatten Into Light Docket

US TSYS
  • Cash Treasuries have bear flattened with stagflationary pressures emanating from Europe on inflationary impacts from year-ahead power prices setting new record highs and the long-end cheapening somewhat on improved growth prospects from China planning $29B in special loans to shore up troubled property developers.
  • The net result is 2s10s falling 5.5bps to -31bps, unwinding more than half of Friday’s steepening but still off pre-CPI lows almost -50bps.
  • 2YY +6.1bps at 3.295%, 5YY +2.3bps at 3.116%, 10YY +0.6bps at 2.978% and 30YY +0.4bps at 3.216%.
  • TYU2 trades just 1+ tick higher at 118-05 and just off overnight month lows of 117-31+, on average volumes. Key near-term support is seen at 117-14+ (Jul 21 low).
  • Data: Chicago Fed national activity index (0830ET)
  • Bill issuance: US Tsy $54B 13W, $42B 26W bill auctions (1130ET)
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